Why Have A Pet Trust?
The first question you might be asking yourself is “what is a pet trust and why should it be important to me?” Let us answer this for you and provide you with important insight that might save your pet’s life one day.
A pet trust is an arrangement made to ensure that proper care and maintenance are taken for the health of a pet, in the event of a pet owner’s disability or death.
Pets are often seen as members of the family, so you might worry about what will happen when you are no longer around to care for them. Although you cannot leave any physical assets or money directly to your pet, a pet trust will square away any legalities regarding medical and conventional care for your pet.
Basis of Pet Trust Importance
If you care about your animal companion, it is important that you plan and make proper arrangements for a pet trust in the event of your sudden absence.
Arranging a pet trust can save you and your loved ones a lot of hassle in the long run. A pet trust allows you to set aside money for your pet’s care and will even give you the chance to name a guardian for your pet. When you decide to set up a pet trust, you obtain the power to choose whose home your beloved companion will be entering in the case of an emergency. There comes a peace of mind with knowing by who and how your furry friend will be taken care of!
Establish a Trustee and Beneficiary for your pet
No matter how smart your pet is, finances will never be his or her strong suit; therefore, it is important to name a human trustee to make financial decisions for your pet. This person should be well aware of their responsibilities and should be someone you highly trust in financial matters. Don’t take any shortcuts — it is important that all avenues are explored when choosing your trustee to ensure that your pet continues to receive proper medical care and support in your absence.
A beneficiary can be the same person as your trustee, but it is advised that you delegate the powers among two individuals to create a check and balance system in hopes of facilitating proper decision making on behalf of your pet. A beneficiary will be the person responsible for carrying out day-to-day care & conventional support.
With a Pet Trust you can:
- Leave detailed pet care instructions such as a specific type of pet food to purchase, how often your pet must be groomed, and how many times a day your pet needs to be walked.
- Require periodic inspections to ensure your beneficiary or caregiver is properly caring for your pet.
- Ensure that your trust is implemented and actions to care for your pet are taken immediately after your incapacitation.
A pet trust is put in place to fully ensure that your pet is in the best hands even when you’re no longer around. It’s hard to think about leaving family members behind, but a pet trust can ease your worries and provide a sense of security for you and your pet.