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Mary Beth Kelly

Do you need a pet trust?

On Behalf of | Apr 6, 2021 | Estate Planning |

Florida residents who are looking to prepare for the transfer of their assets to their beneficiaries may be advised to set up a trust. Many people who have undergone the estate planning process are familiar with last will and testaments and living trusts. However, a fairly new type of trust that is becoming popular is called a pet trust.

Understanding a pet trust

Estate planning laws honor the creation and use of pet trusts. A pet trust is simply a legal arrangement that allows you to specify what will happen to your pets when you pass away or if you’re unable to care for them yourself. Anyone who has pets should consider crafting a pet trust to ensure that their companions are properly taken care of both physically and financially.

Pet trusts can also allow you to specify your wishes for end-of-life care for your pet. You may specify any cremation or burial arrangements that you would like. Pet trusts can be created for dogs, cats, turtles, birds, lizards, snakes, hamsters and other animals.

Financial aspects of a pet trust

While a pet trust is a great way to ensure that your pet is looked after when you’re unable to do so or after your passing, it can also allow a legal way to pass on financial support for the future life of your pet. When you’re setting up a pet trust, you can include cash or other assets for the benefit of your pet. In most cases, these funds are held for things like routine vet checkups, grooming, feeding, boarding and emergency vet care.

You may have considered setting up a trust for things like your home, retirement accounts, cars and other assets, but you may not have considered your pet companions. It’s important that you specify how your pet is to be taken care of in the event of your passing or your inability to take care of them. By contacting a lawyer, you can set up a pet trust to ensure that your pet’s future will be taken care of.