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Why would you use a pet trust?

On Behalf of | Mar 20, 2024 | Estate Planning |

Many people see pets as a temporary investment, not something that requires long-term planning. This is because their lifespan tends to be relatively short. Dogs and cats may live for around a decade, while other pets, such as fish or rabbits, may only live for a few years.

But it’s important to remember that some pets will outlive their owners. For example, there are certain types of parrots and tortoises that can live for 50 years or more. This means they are not temporary investments at all, but a lifelong commitment.

After all, life expectancy in the United States is around 75 years old. So if someone buys a parrot in their 30s or later, there is a very good chance that the bird could outlive the owner. This is when a pet trust may become necessary.

Providing financial support

You can fund a pet trust as part of your estate plan, and the money can be used to provide financial support for the pet. This could include purchasing food, paying for medication, going to annual visits with the vet and much more.

Legally speaking, your pet is property that you can leave to another person in your will if you pass away. But this type of pet could be a significant financial obligation, and so a pet trust is used to take that financial stress off of the beneficiary. They know that they can simply adopt and care for your pet in your place without having to worry about all of the costs associated with that care.

In this way, you can put your family members and your pet first. Just make sure you know what steps to take to set up the trust.