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Setting up a trust for a beloved pet

On Behalf of | Dec 29, 2023 | Estate Planning |

Your parrot has been your companion since the day you brought him home as a baby. You got him on your 45th birthday. In ideal circumstances, a parrot may live between forty and seventy years. When you realize your parrot will probably outlive you, you start to worry. With you gone, who will look after your beloved pet bird?

Pet owners often worry about these things. The good news is that, with a little assistance, you can establish a trust fund for your pet’s upkeep and care, which will take effect if you are forced to enter a nursing facility, are hospitalized for an extended period of time or if you pass away.

Steps to setting up your pet’s trust

When it comes to taking care of your pet, choosing a caregiver should be your top priority. This person will be responsible for providing your parrot or other pet with necessary care and attention. It is important to have a conversation with the person you have in mind before making them the designated beneficiary. Do they share the same level of affection for your pet as you do? It is crucial that you choose someone who can provide your pet with the type of care that meets your standards and expectations.

Select a trustee next. This individual will be in charge of managing the cost of your pet’s care. They will see to it that the beneficiary receives the money needed for feeding, veterinary care and any other expenses related to your pet.

Finally, make sure to clearly state all the necessary information regarding your pet in your estate planning documentation. This should include their dietary preferences, any prescriptions they may have, along with any special needs or concerns that may be relevant. When you’re ready to establish a trust fund for your pet, seek legal guidance during the process to ensure it is done correctly and is ultimately enforceable.