When you create a trust, you name someone that you love as the beneficiary. Usually, this beneficiary is going to walk on two legs. However, it is also possible to create a trust that would benefit a furry loved one who walks on four legs.
Most states in the union do allow for the creation of pet trusts. We practice law in the state of Indiana, and it is possible to create a trust for the benefit of a pet in our state.
In fairness, if you are a relatively young adult with an immediate family who shares ownership of your pet, you probably don’t need a pet trust, because dogs and cats have limited lifespans as compared to humans. However, things are different for senior citizens.
Pet ownership can be a wonderful thing for elders who have lost friends and family members over the years. If you bring a dog or a cat into your home, you have an immediate best friend who is relying on you for everything, so you feel needed. Plus, experts say that pet ownership is actually good for your physical and mental health on a number of different levels.
If you are a senior who is interested in pet ownership, you are obviously going to consider the possibility of predeceasing your dog or cat. This need not be a concern for you, because you could establish a trust for the benefit of your pet.
A trustee that you name in the trust declaration would administer the trust after your passing. You can make sure that the pet is provided for in accordance with your wishes, because you can leave behind instructions that the trustee would be legally compelled to follow. You can be as specific as you want to be when you are creating the declaration.
It can be hard to estimate the amount of money that will be needed to care for the pet for the rest of its life if you do in fact predecease the animal. This is easily accounted for if you establish a pet trust, because you can name a successor beneficiary. This individual would inherit anything that is left over in the trust after the death of the pet.
A pet trust can be a great solution for seniors who want to enjoy the benefits of pet ownership late in their lives.
Download Our Special Report
If you would like to obtain more detailed information about pet trusts, we are offering a valuable resource that you can access quickly and easily through this website. Our firm has prepared a well researched, in-depth report on pet planning, and you can access your copy free of charge.
To get your copy of the report, click this link: Free Report on Pet Trusts.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.