Pets bring their owners joy and comfort. In fact, most consider them valuable members of the family. Since you love them, you plan to give them the best life you can. But what if you face circumstances which render you unable to care for them? In this blog post, we examine the necessity for pet lovers to create pet trusts.
Pet Trusts Offer Peace of Mind
Who would care for your pet if you die or somehow face incapacitation? Would your survivors know how to give your pet the same level of care you provide? A good way to ensure your pet is well cared for if something happens to you is to create a pet trust.
Celebrity Pet Trusts
Taylor Swift created a pet trust for her cat. As a result, Captain Olivia Benson is now worth $97 million. While most of us have far less to leave our beloved cats and dogs, pet trusts have become increasingly popular in recent years. A pet trust is a legal document allowing pet owners to designate a trustee to care for their pets for the rest of their lives.
Setting up Pet Trusts
You can establish a pet trust for any type of pet. The trust can provide for their care in a variety of ways, including food, shelter, veterinary care, and any other needs. The trust often specifies special requests, such as daily walks, grooming, or other preferences.
Benefits of Pet Trusts
One of the main benefits of a pet trust is that it ensures someone you trust will care for your pet. This is especially important for owners who have pets with special needs, such as medical conditions or behavioral issues. A pet trust often also provides financial support for the animal’s care, so the caregiver will not bear the financial burden of care.
Creating a Pet Trust
The first step in creating pet trusts is to set up a trustee. They will be responsible for managing the trust and ensuring your pet is cared for according to your instructions. Most people choose trustees who are family members, friends or a professional. After choosing a trustee and a successor (backup) trustee, the pet owner assigns a caregiver for their pet.
Once the trust is established, fund the trust with a lump sum of money or set up regular contributions. The trustee manages the trust and ensures care for the pet aligns with to your wishes.
Things to Consider about Pet Trusts
A pet trust is a legally binding document. Therefore, consult with an attorney who is knowledgeable about estate planning and pet trusts. They ensure that the trust meets legal requirements.
In addition to the legal issues, there are also practical considerations to keep in mind when setting up a pet trust. For example, you should consider the age and health of your pet, as well as your financial situation. You should also think about the availability and willingness of potential caregivers.
Contact us today to learn how we can help you give your beloved pet the best life possible if you are no longer able to care for them.
*This article offers a summary of aspects of estate planning law. It is not legal advice and does not create an attorney-client relationship. For legal advice, you should contact an attorney.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
