ANSWERS TO YOUR QUESTIONS

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WHAT IS A PET TRUST AND WHY WOULD I WANT ONE ?

Those of us who think of our companion animals as family members are  becoming aware of the fact that part of our responsibility to these  dependent creatures is to make sure that their care and comfort continue  uninterrupted should we become incapable of caring for them ourselves.  One way to plan for that contingency is to set up something called a pet trust. To help you decide if this might work for you, here are some basic definitions and guidelines to keep in mind:

What is a Pet Trust?

A  pet trust is a legally sanctioned arrangement providing for the care  and maintenance of one or more companion animals in the event of a  grantor’s disability or death. The “grantor” (also called a settlor or  trustor in some states) is the person who creates the trust, which may  take effect during a person’s lifetime or at death. Typically, a trustee  will hold property (cash, for example) “in trust” for the benefit of  the grantor’s pets.  Payments to a designated caregiver(s) will be made  on a regular basis. The trust, depending upon the state in which it is  established, will continue for the life of the pet or 21 years,  whichever occurs first. Some states allow a pet trust to continue for  the life of the pet without regard to a maximum duration of 21 years.  This is particularly advantageous for companion animals that have longer  life expectancies than cats and dogs, such as horses and parrots.

Why a Pet Trust?

Because  most trusts are legally enforceable arrangements, pet owners can be  assured that their directions regarding their companion animal(s) will  be carried out. A trust can be very specific.  For example, if your cat  only likes a particular brand of food or your dog looks forward to daily  romps in the park, this can be specified in a trust agreement. If you  want your pet to visit the veterinarian four times a year, this can also  be included. A trust that takes effect during the life of the pet owner  can provide instructions for the care of the animal(s) in the event the  pet owner becomes incapacitated (sick, injured, comatose, etc.) Since  pet owners know the particular habits of their companion animals better  than anyone else, they can describe the kind of care their pets should  have and list the person(s) who would be willing to provide that care.

Doing Your Homework

In  addition to providing the name and address of a trustee and successor  trustee, a caregiver and successor caregiver (all of whom can be  corporations and/or individuals) you will be asked to provide enough  information to:

• Adequately identify your pets in order to  prevent fraud, such as through photos, microchips, DNA samples, or  alternatively, by describing your pet as a “class”—in other words, as  “the pet(s) owned by you at the time of your illness/death;
• Describe in detail your pet’s standard of living and care;
• Require regular inspections of your pet(s) by the trustee;
• Determine  the amount of funds needed to adequately cover the expenses for your  pet’s care (generally, this amount cannot exceed what may reasonably be  required given your pet’s standard of living) and specify how the funds  should be distributed to the caregiver;
• Determine the amount of funds needed to adequately cover the expenses of administering the pet trust;
• Designate a remainder beneficiary in the event the funds in the pet trust are not exhausted;
• Provide instructions for the final disposition of your pet (for example, via burial or cremation).

Pet  trusts can offer pet owners a great deal of flexibility and peace of  mind. In the state where no pet law exists, however, or if a companion  animal has a longer life expectancy, other arrangements must be  considered in combination with or in lieu of a pet trust.

https://www.aspca.org/pet-care/pet-planning/pet-trust-primer