A Pet's View / April 2008
Pet Trust Funds
Pet trusts are becoming more and more commonplace due to the love and concern Americans have for their pets. After all, pets are considered family members, and it only makes sense to provide for your family member in the event of your disability or death.
A pet trust is a legal document that can be monitored by the courts and allows you to entrust money or property to a “trustee” who will be responsible for managing it and distributing it to your designated caregiver for the duration of your pet’s life. There are several steps involved in creating a pet trust—follow these steps and you’ll have your trust set up in no time.
1. Review the laws of the state you reside regarding pet trusts. West Virginia and Ohio are both “pet trust” states.
2. You will need to identify the
designated trustee and designated caregiver for you pet; as well as, a successor trustee and successor caregiver who will take over in the event that the primary trustee or caregiver can no longer fulfill their obligation to care for your pet. You will need to the name, address, and telephone numbers of those designated in the trust.
3. You will need to have a way to positively identify your pet, such as photos, x-rays, dental records or microchips. DNA samples are becoming more prominent.
4. Accurately and with as much detail as you can, describe your pet’s lifestyle including play habits and specific care instructions. Specify any health problems and/or current medications along with the name, address, and telephone number of your vet. Request that your trustee and/or caregiver provide regular veterinary check ups for your pet.
5. Determine, to the best of your ability, the cost of providing care for your pet for the rest of its life; including additional money as the pet gets older.
You will also need to be specific about how the money is distributed to the caregiver and what kind of ‘check and balance’ you want your trustee to obtain. You will also need to include the cost of administrating your pet’s trust.
6. Name a beneficiary to receive any remaining money if they are not totally used during your pet’s lifetime. Again, make sure to specify the name, address and telephone number of the named beneficiary.
7. And lastly, you will need to provide detailed instructions on how you want your pet to be handled at the time of its death. For example, burial or cremation. Where you want the pet buried or how you want the ashes handled.
You will also need to specify how you want “end of life” issues dealt with if your pet is in extreme pain or is no longer able to function at a good capacity. The Humane Society of the United States publishes a free estate planning kit, titled, “Providing for Your Pet’s Future Without You” and encourages every pet owner to establish a trust to ensure your pet is cared for in the event of your severe disability (in which case a will would not be valid).
For more information or to order a kit, visit the HSUS Web site: www. hsus. org/petsinwills.
A good source for information on estate planning for pets is the book “All My Children Wear Fur Coats” by Peggy R. Hoyt, J.D., M.B.A.
Copyright © 2001-2009 A Woman's View. All rights reserved.
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