Pet Trusts

Photo from www.companionpettrust.com

 

Did you ever wonder what would happen to your pets if you die?  That sounds harsh, I know, but many people just do not think of it.  My husband and I have both talked about it, but haven’t done anything about it yet.  What would happen to our pets if, god forbid, something happen to the both of us?  It’s something you should really take a long hard look at.  You would be surprised to learn how many people do not have a will or any other arrangements made for their families, let alone their pets, in the event of their death.

 

Photo from www.createapettrust.com

This article gives you some great information on how to set up a Trust for your pets.  There are two types of trusts you can set up.  One is a ‘traditional pet trust’ and the other is a ‘statutory pet trust’.  Another option is a ‘pet protection agreement’ which is less complex and allows you to name a guardian and the ability to leave funds for their care.

Statutory trusts are the easiest, but only admissible in 40 states and the District of Columbia.  With this one all you have to do is add a line in your will stating you are setting aside a certain amount of money for the care of your pets.  The traditional pet trust is accepted in all states and similar to a trust you would set up for your child.  The traditional pet trust can cost anywhere from $500 to $1,500.

Photo from tvtropes.org

The ASPCA gives some great information on setting up a pet trust. My favorite article and the one I found the most informative is from Professor Gerry Beyer.  He is a professor of law at Texas Tech University School of Law and has some great information on his website.  Another site to check out is Pet Trust Lawyer.com. 

Most of these sites suggest you visit with an attorney who specializes in estate planning and has experience with pet trusts.  If you don’t want to hire a lawyer to set up your trust for you, could can do it yourself on Legal Zoom.  However they only offer a pet protection agreement. 

 

Photo from www.createapettrust.com

It really is worth the time and effort it takes to plan ahead for the care of your family and your pets.  Imagine if you don’t have anything set up and you drop dead 10 seconds after reading this article.  What would happen to your pets?  You want to take care of them in the future as well as you take care of them now, so take some time and set something up…sooner rather than later.

Be Well & Be Happy,

Pet~Pourri

P.S. I tend to write my blogs based on my most recent reading. If you have a topic or a specific pet you would like some information on, please let us know.