According to the American Humane Society, approximately 46 percent of households have at least one dog and 39 percent of households have at least one cat. We love our pets, and they provide us with plenty of love in return. Tragically, however, shelters and veterinarians euthanize approximately 500,000 pets each year when their owners predecease them.
How can you be sure your beloved animal companion will receive proper care when you are no longer able to provide it yourself? A trust may be the answer. The main objective of using a trust to care for your pet is to provide a flexible method for managing financial assets for the benefit of any pets that survive you. The appropriate amount of money to fund the trust varies according to your pet’s age, condition and needs.
With a properly designed trust, you can also designate a party to act as “caretaker” for your pet. Needless to say, this is a very important decision. Don’t assume the person you choose will accept the responsibility—always ask. You can name alternates if your first choice is unable to serve in this capacity when the time comes. In addition, your trust should provide detailed instructions to your caretaker. This can include everything from your pet’s favorite food and toys to his or her sleeping arrangements.
To learn more about pet trusts, we invite you to contact us for a personal meeting.