Have you considered creating a plan for your pet?

Have you considered creating a plan for your pet?

| Jul 24, 2018 | Blog |

Many dog and cat owners love their animals more than anything in the world, and they can’t stand the thought of what could happen to their pets in the event they’re no longer able to take care of them. For this reason, many Louisiana pet owners choose to incorporate a pet trust into their estate plans.

With a pet trust, a dog, cat, bird or fish owner can detail who shall take care of their animals, the specific kind of care their animals will receive and earmark money that the caregiver will use specifically for the care of their pets.

How a pet trust works

A pet trust is just like any other kind of trust document. With the assistance of an attorney, the trust creator will set up the trust and name a beneficiary and trustee. The trustee will be in charge of managing the trust assets according to the terms of the trust and for the benefit of the recipient. The beneficiary will receive disbursements from the trust according to the terms of the document and use those assets to care for the animal according to the terms of the trust.

What a pet trust should indicate

Here’s what a pet trust must indicate to be considered valid:

  • Who is the current owner of the pets?
  • Is the pet owner of sound mind at the time of creating the trust?
  • Who will serve as guardian of the pest, and who will serve as secondary and tertiary backups for the guardian?
  • Which pets are covered by the pet trust?
  • Will future pets be covered by the pet trust?
  • Are there any specific instructions for the care of the pets?
  • Has the pet owner left money to care for the pets? How shall this money be used?
  • Will a specific distribution representative monitor the way the funds are used to care for the pets?
  • What does the pet owner desire regarding end of life decisions for the pets?
  • Who shall receive the remainder of the trust money after the pets have passed away?

Learn more about pet trusts

Pet owners may be surprised at the flexibility of terms that may be applied to their pet trusts. By learning more about the various options available, Louisiana pet owners can determine the most appropriate arrangements for their furry friends.