Trusts & Pet Wills
When planning your estate, one of the main goals is to continue providing for your loved ones after your death. If you’re like the many Americans who consider their pets their loved ones, then you should be considering the long-term care of your pet in the event of your death or disability.
Pet Wills vs. Pet Trusts
There are many ways to provide care for your pet within your estate plan, but two of the most common are through pet wills and pet trusts. Although you can include a bequest for your pet within your will to provide for pet care after death, this may not be the best option.
Why? Because at the time of your death, your will (like all other wills) will go through probate. This can be a long and grueling process, one that your pet simply doesn’t have time for. Unlike your spouse or your adult children, pets don’t have the capacity to take care of themselves. They need immediate attention. During probate, your pet’s care and ownership can come into question. Since wills often leave pets vulnerable, many people are now turning to pet trusts to assist them in providing necessary funds, protection, and instructions for the care of their beloved pets.
Why You Need a Pet Trust
Unlike pet wills, pet trusts do not have to go through the probate process. Therefore, with a pet trust, your wishes regarding the care of your pet will be implemented immediately upon your death or disability. You and your attorney can work together to create a proper pet trust for pet care after death which includes specifics regarding the daily care, medical treatments, ownership, and even burial of your death.
Types of Pet Trusts
Common types of trusts for pet care after death include:
- Statutory Pet Trusts
- Honorary Trusts
- Traditional Legal Trusts
The Law Offices of Steven Peck can help you determine which type of pet trust is best for you and your individual circumstances as well as how much you should leave to provide adequate care for your beloved pet.