Pet Trusts – Why would you ever need one?

As an attorney, I assist many people with estate planning. Sometimes, the pet is mentioned in the Will with specific instructions as to who is to care for the pet. However, the Will does not normally provide financial assistance to the person given responsibility for the pet. The Will creates a moral obligation for the person given responsibility for the future care of the pet. If your choice doesn’t follow through on caring for the pet, there’s nothing to be done. Would someone actually break their promise? Yes. The promise to care for your pet is sometimes an impossible promise to keep for a variety of reasons.

A pet trust establishes a fund that can only be used to care for the pet. As pet owner,

you set up the Trust, select the Trustee, create the criteria for spending the Trust and most importantly, fund the Trust with money for the costs associated with caring for the pet. This includes things like veterinarian services, food, medicine, toys, etc. Finally, the Trust is usually terminated upon the death of the pet and any funds left can be distributed to whomever the Grantor (person creating the Trust) desires.

All 50 states and the District of Columbia recognize Pet Trusts. In today’s do it yourself world, i.e., google and download a template, I would still recommend consulting an attorney for assistance with creating the Trust even if its just to review what you have created on your own. A Pet Trust is a considerate way to assist the person you want to care for your pet.