When you retired, you decided to get a few pets. Those pets will, potentially, outlive you.
This is a thought that you may have been pondering, and if so, it could be a good time to bring up a pet trust when you go over your estate plan. A pet trust is a good option if you believe that your pets are likely to outlive you. It will make sure that they have a guardian and the money needed to get veterinarian care and to otherwise live comfortably.
What is a pet trust?
A pet trust is a type of legal document that gives directions on how you’d like someone to take care of your pets if you pass away or cannot care for them any longer due to an illness or disability. That arrangement allows you to choose someone, or multiple people, to care for your pets and allows you to assign assets to those pets.
For example, in your pet trust, you can state that your daughter will take one of the pets, receive $500 a year for doing so and have access to funds to get your pet medical care twice annually. You may include emergency funds for surgeries or unexpected injuries, too. You may also require the guardian of the pet to report annual vet visits or to do particular activities with the pet.
In your pet trust, remember to touch on topics such as:
- Grooming costs
- Emergency veterinary care
- Routine vet check-ups
- Boarding and feeding costs
- End-of-life treatment
A pet trust may stay in effect for the life of your pet. This is one way you can protect them long after you’re gone.