For many of us, our pets are just as much family members as our children and grandchildren. Just because your pets cannot own property does not mean that you cannot provide for their care as part of your estate planning process. Instead of assuming that someone will step in and care for your pets once you are unable to do so, many pet owners are now establishing trusts for their pets.
A “pet trust” is one way to set aside funds for your pet’s future care and provide direction to your friends and family members about caring for your pet. Pet ownership can be expensive, and you may not want to burden your family or friends with the expense. The funds you put into a pet trust could be used to pay for vet visits, grooming, medications, daycare/boarding, toys and treats. A pet trust will also let you name the person or persons you would like to appoint as caregiver of your pets after you pass away. You might even consider using a small life insurance policy to fund your pet trust.