For many, their pet is a part of the family. As a result, it is important to make plans for your pet, the same way you would for a family member. For this reason, many people choose to create pet trusts. Read on to learn more.
What is a Trust?
A trust is an agreement that provides a trustee with the authority to take care of the assets within it until the beneficiary inherits them. The individual who creates a trust is known as a trustor. The person who receives the assets within the trust is known as a beneficiary. A third party exists as well to manage the trust on behalf of the beneficiary. This person is known as the trustee. There are a number of different trusts available in Pennsylvania.
What is Included in a Pet Trust?
By creating a pet trust, you can choose someone to care for your pet in the event of your passing. In the trust, you can put assets aside for your pet. These assets may go to necessities like pet food and veterinary bills. You can also include your wishes for your pet’s end-of-life plans and instructions for what to do with any leftover funds. Creating a trust for your pet will give you peace of mind knowing that your pet will be well-cared for.
Who Should I Choose to Manage the Trust?
Often, people choose a guardian for their pet, and a separate trustee. In this case, one person physically cares for the pet, and the other person handles the finances. It can be difficult to juggle both care and finances, so it may be easier to divvy up the responsibilities. Once you have chosen and informed both parties of their roles, you can create an official trust with the help of an experienced estate planning attorney.
If you have any questions or concerns about pet trusts in Pennsylvania, our firm is here to help. Reach out today to speak with an experienced and dedicated estate planning attorney.
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