Pet Trust
How can I make sure my cherished companion is cared for after I am gone?
Many people worry about what will happen to their pet after they are gone. If you need to provide for a pet’s care after your death, you have a few options
- Leave it up to your family and the executor of your Will to decide the best person to care for your pets after you are gone;
- Leave funds to a designated caretaker in a pet trust with instructions for your pet’s care; or
- Enroll in a program such as the Purdue University School of Veterinary Medicine’s Peace of Mind Program
. In exchange for a $25,000 or greater donation to the program, the Peace of Mind program agrees to find a caring home for your pet, the program monitors your pets well-being in its new home and provides funds for your pet’s medical care.
Pet Trusts
A pet trust is a part of your Will or other estate planning documents. In the trust, you name a caregiver for your pet after you are gone. You can leave money for your pet’s care and designate a trustee to manage those funds and ensure that your pet receives the care you desire. The trustee and caregiver can be the same person or different people.
In the trust, you can include detailed instructions about how your pet is to be cared for and how money will be spent for your pet’s benefit. You can also provide details about what happens to your pet’s remains when it passes on.
You will need to decide how much money to fund the trust by considering the cost of your pet’s care and the probable life expectancy of your pet after you are gone. In the trust, you can designate a person or charity to receive any funds left in the trust after your pet has passed on.