All You Need To Know About A Pet Trust

By February 02 | See Comments

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All pet parents have one thing in common – they love their pets more than they can describe. They are never seen as just property or even just an animal. They are often seen as a companion, a best friend, a member of the family, basically part of the inner circle. We love them and always want them to be well, even when we might not be there to take care of them anymore. We make provisions to ensure that the humans we love will be looked after and cared for after we die. Since our pets are like family to us, why not do the exact same thing for them. Their safety should be paramount in uncertain times.A lot of pets end up being in bad situations because their owners forgot to think about a plan for after they’re gone. So do your research, talk to close friends and family, seek profession advice, and then decide on your plan of action after you’ve gathered your information.

Why opt for a trust?

Setting up a simple trust can benefit both you and your pet. You’ll have peace of mind while your pet will be taken care of in the way that you want. A trust fund, which allows you to leave property and money to a beneficiary is a good idea because you can’t directly leave cash or property to an animal.A trust is a great way to ensure that you pet’s quality of life doesn’t decrease just because you’re not there. If you care about and love your pet, it is only right that you think about and make plans for after you’re gone. If your family members don’t assume responsibility of your pet, then there can only be a few scenarios and they aren’t good. He’ll either end up at the pound or on the streets. Although you may not consider your pet as property, the law does. That’s the main reason why you can’t directly leave your pet with money.

What are your options?

You have three main options to plan for the care and well-being of your pet after your death. These options are:

  1. Traditional trustWith this kind of trust, you can appoint a primary caregiver, provide instructions to care for your pet, and name a trusted person to manage all the money.
  2. Pet protection agreementIf you don’t want to leave money to your pet, then this option is an easy way of doing things. It’s a legally binding agreement that lets you name a caregiver. You basically hand over your pet to the person after your death. It lets you set the instructions and rules to how your pet should be cared for. It is signed by you and your chosen pet guardian.
  3. Statutory pet trustsThis is a simple form of leaving money for your pets. All you’ll have to do is write a simple direction that you’re leaving money for your pet, in your will. The court overseeing your will will then appoint people and manage the money as deemed fit.
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