Our furry little friends are often the best friends we will ever have in this life, and that is why we treat them so well. However, as we grow older — and even for people who are not of retirement age — we begin to wonder if our pets might outlive us. This raises a lot of questions, particularly, how will my dog or cat (or fish or iguana) be cared for when I am gone.
It is easy enough to make arrangements with a loving family member or friend whom we trust to take care of our pets in the event we pass away before them. However, inheriting a pet represents a financial burden. Will your family member or friend be able to afford to pay veterinary bills, food costs and other costs associated with raising your animal?
A pet trust can help make sure that the people who take care of your pets will have the financial means to take care of them in the way that you want. If you want your pet to get groomed regularly, you can fund a special trust to cover those costs. If you want your pet to get fed a gourmet dog food as opposed to a cheaper variety, you can include funds that will pay for that food, and so on.
When creating a pet trust, it is always advisable to select the future guardian of your pet with care and to confirm with that person that he or she is willing and able to take of such a big responsibility. You may also want to consider appointing an unrelated but also highly trustworthy person as the trustee of your pet trust. The trustee will make sure that the money in your trust is used to pay for your pet in the way that you intended it.
At the Law Office of Barbara J. Dibble, we have created numerous kinds of pet trusts. If you would like to make sure that your pet will be taken care of when you are gone, we are here to help.