Selecting a trustworthy caregiver is the first—and most important—step in protecting your pet via your estate plan. You might assume your kids, relatives, or friends will care for your pet, but it’s best to write a list of potential candidates and discuss the extent of care your pet requires, and whether they have any issues that might prevent them from providing proper care.
Create a detailed care plan after you’ve chosen your pet’s caregiver—along with one or two alternates—then outline all of your pet’s care requirements. At the very least, your caretaking instructions should include your pet’s basic requirements: dietary needs, exercise regimen, medications, and veterinary care.
The best way to ensure your wishes are properly carried out is to set up a pet trust. A pet trust allows you to layout legally binding rules for how the funds in the trust can be used. Additionally, pet trusts can cover multiple pets, work in cases of incapacity as well as death, and they remain in effect until the last surviving animal dies. Name someone other than the caregiver as a trustee. This way, the trustee can manage the funds and make sure they’re used exactly as spelled out in your care instructions.
Although leaving assets in a pet trust is fairly simple, creating a properly drafted trust that includes all of the necessary terms can be quite complex. Reach out to us for support in creating your pet trust.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com