Do you have a furry loved one who will need care after you pass away? If so, you can provide for your pet with a Pet Trust. This is an Irrevocable Trust that allows you to set aside money for your animal’s living expenses and medical care.
Assistance to Pet
The best way to help a loved one after you pass away is to leave an inheritance for him or her. Did you know your pet cannot receive an inheritance? Although you may treat your fuzzy family member like your child, the law does not see your animal as an entity that can inherit property. Your pet is actually considered property, which means you will not only have to leave a fund to pay for expenses, you must also name a caregiver to inherit your fuzzy loved one.
A Pet Trust, with your chosen pet caregiver or another family member as trustee, is a great way to make sure your pet is well taken care of after your death.
A Pet Trust is also beneficial if you wish to have one family member handle your pet’s expenses while another provides care. This may be best if your preferred caregiver is not good with finances.
Assistance to Caregiver
A Pet Trust can also be beneficial to your chosen caregiver. If you don’t wish to create a Pet Trust, you can leave money directly to the caregiver. If, however the caregiver receives any type of government financial aid, eligibility for that aid will be affected by the receipt of a large sum of money.
There is one downside to a Pet Trust. Like other Trusts, it may be quite expensive to create and manage. If the money you wish to leave for your pet’s care is not significant, you may be better off leaving money directly to the caregiver. You may even be able to work out an arrangement with your pet’s veterinarian where you pay a large amount in advance for future medical care.
- First Time Estate Planning Mistakes - March 1, 2021
- How to Confidently Choose a Nursing Home for an Elderly Parent - February 22, 2021
- Staying Current is Especially Important in the Pandemic - October 30, 2020