For many of us, pets are part of our family and when we leave this world, we want to make sure they are taken care of. There is an option to create a pet trust, which will ensure they have the financial resources they need.
Creating a pet trust
The first step is to create a trust document, which includes the trust details like the name of the pet, who is designated to take care of them, and instructions for how the pet should be cared for. These instructions can relate to your pet’s food, grooming, daycare, veterinary care, and other items.
After the trust document is complete, you will need to fund the trust meaning that you will transfer assets into the trust such as money or property. It’s likely that your pet will live with the caregiver you designated, so you want to consider this person carefully.
You may decide to list an alternate caregiver if the designated caregiver chooses not to take on this responsibility or is unable to.
Choosing a trustee
There are several factors to consider when choosing a trustee. This is the person who administers the trust, including managing the trust and ensuring that the instructions in the trust are carried out.
While it is not required, it’s helpful if the trustee is financially savvy because they will have control over distributions from the trust for your pet’s benefit and will need to keep thorough records about their expenditures.
The trustee should be ethical and have good communication skills as well.
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