When planning your estate, you may be wondering how you can plan for your pets to better ensure their care and well-being after you’re gone. One way to do this is by establishing a pet trust.
A pet trust is a legal arrangement that helps ensure your pets are cared for according to your wishes by allocating funds and designating a caregiver. If you’re considering establishing a trust for your pets, there are three types of pet trusts you can choose from.
Statutory pet trust
If you choose this option, your pet is placed in the care of the trust itself, with a designated trustee tasked with managing the funds and selecting a caregiver. The trustee makes sure that the funds are used to cover your pet’s needs according to your wishes. While you can designate a specific person to care for your pet, the trustee has the flexibility to find another suitable caregiver if that individual is unable or unwilling to take on the responsibility. This helps prevent any potential complications that might arise from directly leaving your pet to someone.
Honorary pet trust
In an honorary pet trust, you assign the responsibility of caring for your pet to a chosen individual and allocate a certain amount of money for this purpose. The funds are conditional, meaning the caregiver will only receive them if they follow your specified instructions for your pet’s care. Although this type of trust is well-known due to its representation in popular media, it is viewed as outdated and is not typically favored by courts today.
Traditional pet trust
A traditional pet trust enables you to assign the care of your pet to a specific individual while also providing the necessary funds for their expenses. This type of trust grants you considerable control over your pet’s future care, allowing you to outline details such as the level of care to be provided, what should occur if the chosen caregiver is unable to continue their duties and instructions for the handling of your pet’s remains after they pass away.
If you are not sure which type best fits your wishes, getting legal guidance can help clarify your options.