Hey there, pet lovers! You’ve got the chew toys, the gourmet pet food, and even a pet cam to spy on—err, check in on—your furry friend while you’re away. But have you ever stopped to think about what would happen to your pet if you couldn’t be there for them?
You probably already know the importance of having an estate plan in place. No matter what the size of your “estate”, everyone needs to have their affairs in order. At a minimum, it’s important to answer the question: “Who takes care of me and my family if I can’t speak for myself?” You may not even know that your pets can be included in your estate plan.
Today we’re diving into why setting up a Pet Trust is more than a smart move—it’s an act of love. 🐾❤️
What is a Pet Trust?
In essence, a Pet Trust is a legal document that sets aside funds and instructions for the care of your pet in case you can’t be there for them.
The Benefits of a Pet Trust
- Security: This is the ultimate safety net for your pet. It outlines who takes care of them and how.
- Funds: No need to worry about your pet’s financial future. You designate funds exclusively for their well-being.
- Specifics: Your pet’s particular needs? Jot them down. From dietary quirks to their favorite chew toys, nothing is too small to mention.
- Peace of Mind: Sleep easier knowing that if anything happens, your pet will be well taken care of.
- Flexibility: Adopted another cat? No problem! You can easily update your Pet Trust.
Why Not Just a Will?
You might think, “I’ve mentioned my pet in my will, isn’t that enough?” Well, not exactly. Wills can take time to execute, and your pet could end up in a shelter while things get sorted. A Pet Trust is immediate.
How to Set Up a Pet Trust
You could DIY this, but it’s not recommended unless you’re familiar with estate planning laws. Consulting an attorney is the best way to ensure everything is air-tight.
- Choose a Trustee: This is the person responsible for executing your wishes. Choose wisely!
- Decide on a Caregiver: This might be the same as the trustee, but not necessarily.
- Determine Funds: Set aside a reasonable amount for your pet’s care.
- Specify Instructions: From what food your pet eats to their medical needs, list it all.
- Consult an Attorney: This ensures your Pet Trust is legally sound.
We plan for our kids and even our own retirement, but often our four-legged family members are an afterthought in planning for the future. A Pet Trust isn’t just for the uber-rich or overly cautious; it’s for anyone who wants the best for their pet, no matter what life throws their way.
So, get to planning and give your pet the security they deserve. After all, they give us their unconditional love every day; it’s the least we can do to return the favor.
Until next time, keep those tails wagging! 🐾🐶🐱
Looking for professional advice on setting up a Pet Trust? CLICK HERE to schedule a call