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The importance of pet trusts and animal care planning

On Behalf of | May 15, 2024 | Estate Planning |

Pets are often considered beloved members of the household. However, should something happen to you, it is important to consider where your animals would go.

Pet trusts and animal care planning can ensure your pets are cared for and provided for, even if you are unable to do so yourself.

Creating a pet trust

A pet trust is a legal arrangement that lets you set aside money and appoint a caregiver. The caregiver, or trustee, manages those funds and takes care of your pets according to your instructions. This ensures your pets receive the care and attention they need, maintaining their quality of life.

Choosing a caregiver

A crucial part of animal care planning is selecting a reliable caregiver for your pets. This person should know and love your pets, understand their needs and be capable of providing proper care, including food, shelter, medical attention and companionship.

Providing detailed care instructions

Within your pet trust, you can give detailed instructions about your pets’ care, such as their daily routines, food preferences, exercise needs and any special considerations for their well-being. These instructions ensure that your pets’ needs are met according to your wishes.

Funding your pet trust

It is important to adequately fund your pet trust to cover your animals’ ongoing expenses, such as medical requirements or pet insurance. You can specify the amount of money you want to allocate for their care. You can also decide the usage of any remaining funds after your pets pass away.

Keeping your plan updated

Regularly reviewing and updating your pet trust and animal care plan is significant, especially if your pets’ needs change or you get new animals. This ensures that your instructions and financial provisions accurately reflect your desires for your pets’ care.

By creating a pet trust and developing a comprehensive animal care plan, you can have peace of mind knowing that your beloved pets will be well looked after, no matter what happens.