Today we end our series on considering a pet trust...

We are also paying tribute to our favorite neighborhood mascot, Norton.  He's pictured above.  He is currently battling an aggressive form of cancer. 

There are five major steps that you need to consider when setting up a pet trust.  We will cover the final two in this article.

Steps 4 and 5 to Set Up a Pet Trust

4. Determine the amount of funds that will be needed. This will vary widely depending upon the type and number of pets you own. Less money will be needed to care for an older cat than for a younger macaw (lifespan of 50 to 100 years in captivity) or a red-eared slider turtle (lifespan of 40 years in captivity). In addition, an exotic animal such as a reptile or bird is generally more expensive to care for than the average cat or dog.

Note: The laws of some states establish funding limitations for pet trusts. If someone contests the terms of the trust, a court can reduce the amount of funding for the trust and redirect it to other beneficiaries as specified in the statute if the amount of funding you have specified is found by the court to be excessive. As a result, you should consult with us to be sure that your trust complies with the law. Otherwise, your money could go to a beneficiary that you would not have chosen.

5.  Designate a remainder beneficiary. In case the funds you provide for your pet’s care are not exhausted, you should name another beneficiary to receive any remaining money upon the trust’s termination. This could be a person or a charity: It is completely up to you.

Some states have limitations on the length of a pet trust, for example, 21 years. This may not be long enough for pets with longer lifespans, so check with us to be sure that the trust you establish will last for your pet’s entire lifespan. The trust can be set up in another state if necessary.

Additional Plans for Pet Care

You should also consider a durable power of attorney for pet care, which will authorize a caretaker to obtain medical care for your pet while you are traveling. In addition, a wallet card listing your pets and their location will provide notice that you have animals in need of attention if you become incapacitated or die while you are away from home so they will not be left without food and water for an extended period of time.

Contact Us for Help

If you are concerned about what will happen to your pets if you are unable to care for them, we can help you make arrangements for their care. You can gain peace of mind by not leaving your pet’s future up to chance. A pet trust will ensure that your beloved companions are well cared for and that your wishes are respected. Click here to email us or call us at 309-807-2885 for your FREE 15-minute consultation regarding setting up a pet trust.