Pet Trusts

A Pet Trust provides pet owners with the opportunity to plan for the care of their pets if their pets outlive them. Prior to this option it was difficult for pet owners to accomplish their goal of providing after-death care for their pets. Although there have always been many people who attempted to provide for their pets through their Will, outright gifts to an individual conditioned on the beneficiary taking care of the animal often failed because there was no enforcement mechanism. Moreover, the bequest was subject to loss through death, bankruptcy, divorce, or other action by a creditor.

The Pet Trust, which allows for the appointment of both a caretaker and trustee to take care of the designated pet, provides pet owners with a better alternative than a conditional outright bequest. The caretaker is designated as the owner of the animal and takes physical custody it, and the trustee is charged with powers of administration, investment, and distribution of funds. Although the roles of caretaker and trustee may be fulfilled by the same person, appointing separate individuals to the roles might serve as a check and balance to protect the animal.

CompleteMyEstatePlan.com Trusts are designed to increase the likelihood that the pet trust will work properly: First, the pet owner should talk with any possible caretaker or trustee to ensure that he or she is willing to take on the job. In other words, don’t surprise anyone! Moreover, if the pet owner provides detailed instructions regarding the care of the pet, including veterinary information and any medical records, the caretaker will be able to take better care of the animal. CompleteMyEstatePlan.com will gather this information through a comprehensive intake sheet. Although the caretaker and trustee should love animals and enjoy caring for them, it might not be a good idea to name the caretaker or trustee as the remainder beneficiary of the trust assets because of the inherent conflict of interest. Finally, even though the pet’s descendants cannot be named as remainder beneficiaries, consider appointing the local animal shelter or humane society as the beneficiary of the trust.