If you have a pet, there may come a point when you wonder what will happen to it in the event of your death.
While you are not required by law to create a pet trust, this is something that can bring many benefits to your life. Above all else, it will give you peace of mind in knowing that your pet will be taken care of in the event of your passing.
Here are some other things to think about:
- A pet trust is designed to withstand legal challenges from people, such as family members, who are unhappy with your choices regarding your pet
- You can include specific care instructions in a pet trust, such as what type of food it will eat
- A pet trust goes into effect as soon as you pass on
- A pet trust can also help if you are incapacitated as the result of an illness or injury
- You can control how payments are made, as to avoid a situation in which your pet’s guardian receives all the money at the same time (and then makes poor decisions)
These are just a few of the many benefits of creating a pet trust. You may not have any need for this right now, but you never know if your situation will change in the future. If you bring a pet into your life, you need to think about its long term well-being.
Once you understand the benefits of a pet trust and how to create this legal document, you can move forward with the process.
Source: FindLaw, “Pet Trust,” accessed Jan. 22, 2018