Today, pets are really part of the family. Ask any pet owner what they think about their animals and they will use words like “love,” possibly even addressing them as individual family members. For this reason, it only makes sense that Americans are growing more concerned with what will happen to their pets after they pass away. Fortunately, there is always the choice of choosing a pet trust that will provide for animal care after you die.
What Is a Pet Trust?
A pet trust is a written statement in which you detail how you wish your pets to be care for after you pass away. Along with the declaration is a fund designated to care for the pet’s food, medical care and other living expenses. The trust should include enough money to care for the pet throughout the rest of its life expectancy. Your trust should also point to a willing caregiver who will provide your cat or dog with high-quality care. Of course, you should always discuss it with this person ahead of time.
Why Set Up A Trust?
The number of pets in the United States has grown considerably since the 1970s. As a whole, Americans own up to 80 million dogs and 96 million cats. More than one-third of American households own a pet. When you think about how much money is spent on food, veterinary visits, medication and toys for said pets, the numbers are outrageous. What should happen if you pass away and Rover is left behind? Without a trust, a family member could choose to simply leave your pet at a shelter.
How to Set Up a Trust
Setting up a trust for your pet begins with a visit to an attorney or estate planner. Of course, not every attorney is going to specialize in setting up trusts for pets, so you may want to do some homework to find one who knows how much you care about your furry friends.
Contact us to learn more about your options setting up a pet trust. You have plenty of options that you might not have considered.