Pet Trusts

Pet Trusts

By Rustin Diehl, Attorney

Do you have pets that you feel are an integral part of your family? If so, you probably want to be sure that they are properly cared for if you become incapable of doing so. One way to plan for your pet’s continued care is to set up a pet trust. A pet trust is a great way for pet owners to ensure directions regarding their pets will be carried out.

A pet trust is a legally sanctioned arrangement that will allow money or property to be managed on your behalf for the long-term care of your pet in the event of your death or disability. It is usually set up so that a designated “Trustee” manages funds on your behalf and makes regular payments to the designated “Caregiver” for the care of your pet. Upon the death of your pet, the remaining funds from the trust are given to a designated “Remainder Beneficiary” of your choice. Depending upon the state in which the pet trust is established, the trust will continue for the life of the pet or for 21 years, whichever occurs first.

There are many benefits to establishing a pet trust. Because each pet is unique, you can ensure your pet will be getting an appropriate level of care.  For example, if your dog is sensitive and can only tolerate a particular brand of food and loves to get daily walks in the park, this can be specified in the trust agreement. If you want to be sure your pet visits the veterinarian four times a year, this can also be specified. Another added benefit is you can be sure that you fund the trust with enough money to allow for the level of care your pet will require for the remainder of her or his lifetime. Additionally, as with any other trust, you retain the right to amend, modify, or terminate the trust during your lifetime. This enables you to fine-tune any provisions or to change caregivers, successors, and trustees if necessary.  

Some other things you may want to consider including when drafting a trust for your pet are compensation terms for your trustees and caregiver(s); information on how to identify your pet (such as a microchip or license and registration records); a description of the property funding the trust; directions for distributing the remainder of the trust assets once your pet dies; and instructions for the final disposition of your pet’s body.

Because pet trusts are enforceable by law, pet owners will have peace of mind knowing their pets will be cared for according to their instructions. They also provide a great deal of flexibility.As a pet owner, you can be sure that your pet’s care and comfort continue uninterrupted should you become incapable