Mosley the cat can be a member of the family, but what happens to Mosley after you are gone? How can you ensure your pet will be cared for? One option is to create a pet trust. While you can give directions in your will to leave your pet to a caretaker, there is no guarantee that the caretaker will continue to care for your pet. A pet trust can provide a little more security for the pet because a third party -- the trustee -- is obligated to ensure the pet is cared for.
A trust is a legal arrangement through which one person (or an institution, such as a bank), called a "trustee," holds legal title to property for another person, called a "beneficiary." With a pet trust, the trustee makes payments on a regular basis to your pet's caregiver and pays for your pet's needs as they come up.
A Pet Trust may be a more simple statutory Pet Trust or a highly customized trust providing detailed provisions regarding care and maintenance.
Regardless of what type of trust you use, the following are some elements the trust should consider:
- Caretaker. The trust will need to name a caretaker who will be willing and able to care for your pet. The caretaker should be someone who is comfortable with your animal.
- Care Instructions. The trust should include specific instructions on all aspects of the pet's care, including the brand of food, activities the pet enjoys, and the preferred veterinarian.
- Funds. The amount of money necessary to fund the trust depends on the individual animal.