Pet ownership throughout the nation is on the rise and so are the number of pet trusts created each year. Although some pet owners leave tens of thousands of dollars in trusts to care for their pets, pet trusts are no longer just for the wealthy. Many pet owners leave just enough funds to provide for the basic necessities of their pets, such as food and veterinary care making pet trusts more popular among all pet owners.
As many pet owners view their pets as a part of their family, pet owners want to be sure that their pets are properly cared for in the event of the owner’s incapacity or death. The primary advantage of a pet trust is that the pet owner appoints a trustee to manage the funds for the benefit of the pet. The trustee is responsible for making sure that the funds held in trust are used for the pet’s benefit alone. In addition, the pet owner can nominate successor trustees to take over in the event that the original trustee becomes unable to serve.
Pet trusts can easily be incorporated into the pet owner’s Last Will and Testament or Trust Agreement and are fairly inexpensive to create. However, the true benefit is the security it offers pet owners in knowing that their pets will continue to live a healthy and happy lifestyle. The primary purpose of estate planning is to provide for our loved ones after we are gone. Shouldn’t that include planning for our pets’ needs as well?
The staff at Ourednik Law Offices, P.A. are pet owners, so we appreciate the loving relationships that we form with our pets. We understand the importance of insuring that our pets are cared for if we are unable to care for them ourselves. We are happy to implement pet trusts into our clients’ estate plans and offer them a piece of mind knowing that their furry family members will remain well-cared for along with the rest of their family.