About Pet Care Trusts
What is a Pet Care Trust?
Why a Pet Care Trust?
Pet Care Trust Necessity
What if I plan on my family or friends to take care of my pets?
Do I really need a pet care trust for them?
Can't I simply put pets in my will?
I'm only 35, do I need a pet care trust?
Family Trusts & Wills
I currently have my pets in my will. Do I need a pet care trust?
I currently have my pets in my family trust. Do I need a pet care trust?
Is there really a need for a separate pet care trust? Can't pets be included in a family trust?
What happens if something happens to my pet? Is the pet care trust transferrable?
Trustees & Caregivers
What or who is a trustee?
What or who is a caregiver?
Can the trustee and caregiver be the same person?
Third Parties
What or who is a third party?
How I don't have any friends or relatives that can take my pets.
How can I make sure my pets are taken care of if something happens to me?
Funding a Trust
What is a "funding" a trust?
I'm not sure I can fund a pet care trust.
How much money is needed to care for my pets?
Legislation
Which states have current legislation for pet trusts?
What is a Pet Care Trust?
A trust is a legal document that appoints a person to take custody of property (such as a bank account or investment), managing and distributing it for the benefit of the trust's beneficiaries. With a pet trust, the beneficiaries are your pets, and the trust provides for their proper care if you become disabled or pass away.
Why a Pet Care Trust?
Recent laws guarantee your pets will be cared for as you direct in your pet trust. In the past, there was no guarantee your wishes would be enforced by the courts. For example, if family members objected to the amount left in trust for pet care, they could ask the court to reduce it.
Our pet trusts are written to make your wishes for the care of your pets enforceable by the courts, giving your pets the full legal protection you want them to have for their life.
I plan on my family or friends taking care of my pets? Do I really need a pet trust for them?
It is really great when we have friends and family that are willing to take our pets if and when we are no longer able to take care of them. While they are willing to step in and provide the care and love for them if we cannot, shouldn't we do everything to make sure that they are honored and assisted?
A pet trust provides our loved ones with a blue-print or set of instructions with details like veterinarian info, medical histories and medications that are needed, specific behavior traits, specific foods, and day to day details that we know so well but are maybe not organized so someone else can take care of our pets. Remember, they will be missing us and dealing with their own grief, taking care of our pets should be as simple as possible.
Take the time today to start your pet trust, not for you, not even for your pets; It is important to the people you leave behind.
Can't I simply put pets in my will?
While you can provide for your pets in a will, this approach has several limitations. Wills only address what happens when you die, and do not address the care of your pets if you become disabled. Wills require court involvement to appoint an executor and oversee the distribution of your estate. There is a delay between the owner's death and the probate of the will. What happens to your pet companions during this waiting period which may be only days but could stretch weeks? Money will also not be available for your pets' care until completion of that court involvement.
Living trusts, on the other hand, are in effect the moment that they are signed. Typically you serve as the initial trustee, and your successor can take your place with no delay in the care of your pets. Trusts are more flexible than wills; you can specify, in detail, the care that you want provided. No court involvement is necessary.
I'm only 35, do I need a pet care trust?
Life is not guaranteed for any of us. While we may be in our 30's or 40's sometimes things happen and our pets will need to be taken care of by someone else. Statistically, we will be around for a long time and probably have relationships and love many pets in our lifetimes, having a pet trust is relatively simple and is a great way to honor each and every pet we love.
I currently have my pets in my will. Do I need a pet care trust?
It's really great that you have planned for your pets. What we remind people of are a few things that may lead you to create a separate pet trust. With a will you're caretaker will be scrambling for funds to take care of your pets as your estate/funds could be tied up for weeks to months as the court settles all details. If you need to make changes to your will, you will probably incur additional attorneys fees every time you do so. Over 20 - 30 years these fees could really add up.
With a Trusted Pet Partners Pet Trust, once you create your trust and assign funds (property, policy, account, etc.) to the trust there is no waiting time for your trustee and caregiver to access funds to take care of your pets.
I currently have my pets in my family trust. Do I need a pet care trust?
It's really great that you have you pets in your family trust. The basic reason we recommend keeping pets in a separate pet trust is that over 10, 20, 30 years you may want to make changes to your pet information in your family trust. Sometimes your pets have changed, or you may want to change the defined trustee or caregiver. Your pets medical conditions will most likely change over time, and we just don’t know what may happen in the future that we may want to take into account. You will probably incur attorneys fees every time you make any of these changes which can really add up. With a trusted pet partners dedicated pet trust, we allow you to log in at any time, make any changes necessary, as often as you need to with no additional charges.
Is there really a need for a separate pet care trust? Can't pets be included in a family trust?
While providing for your pets in your family living trust is a great way to make sure they are cared for, Trusted Pet Partners believe that a stand-alone pet trust may serve you, and your pets better in the long run. Families change over time and you will need to make adjustments to a family trust, typically with the expense of your family attorney about every 3-5 years. With a stand-alone trust devoted to your pets' care, it is less likely that the trust is subject to attack from an unhappy beneficiary. Pet trusts may also require revisions on a more regular basis, as changes occur with: pet's health, trustee or caregiver circumstances, a change of pets, or any other lifestyle changes.
Our stand-alone pet trust also allows you to assign a third party inspector to review the performance of your assigned caregiver and trustee, and, most importantly check on your pets well being.
What happens if something happens to my pet? Is the pet care trust transferrable?
Yes, the Pet Care Trust is transferrable and includes all pets in your care.
What or who is a trustee?
A trustee is an individual or organization that agrees to be legally responsible for securing, investing, managing and distributing trust assets. Trustees have the duties of a fiduciary to do what your Pet Trust instructs them to do and, must always act strictly for the benefit of the trust beneficiaries, such as your pets. The trustee will use the property that you transfer to your trust to pay for your pets' care.
You should always verify with the people you choose to be trustees that they are willing to do so. Recommendations include; your attorney, your investment agent or broker, a trusted family member or friend who has financial acumen and is willing to manage your trust for you.
What or who is a caregiver?
A caregiver is an individual or organization that agrees to be legally responsible for the day to day care of your pets. Their duties include providing housing, food, exercise, training, grooming, socializing, and medical care for your pets. The caregiver will care for your pets as you instruct them in your pet trust.
You should always verify with the people you choose to be caregivers that they are willing to do so. Recommendations include; friends that already have similar types of pets, family members who already have pets and would be willing to take on yours, family or friends that maybe do not have pets but would be willing to take care of your companions when the need arises.
Still not sure who to name? Start by asking your local or regional rescue organization or shelter for ideas; they may even have programs you can use.
Can the trustee and caregiver be the same person?
Yes, but we recommend not doing so if possible.
Besides managing the financial part of a trust, a trustee also provides a basic checks and balances by reviewing the caregiver's fulfillment of pet trust instructions. And, the caregiver is there to provide that second perspective for the trustee.
What or who is a third party?
Pet care trusts from Trusted Pet Partners allow for a Protector or Interested Person (a third party) you may identify to randomly review how your pets are being cared for. They may also review how well the caregiver and trustee are following your instructions and/or wishes. In some States, you may choose a non-profit to be this third party.
You should always verify with the people or organization you choose to be a Protector or Interested Person that they are willing to do so. Our recommendations include; Friends or family that you hold in high integrity, may already have similar types of pets, and are committed to your pets well being with nothing to gain for themselves.
Still not sure who to name? Start by asking your local or regional rescue organization or shelter for ideas, they may even have programs you can use.
Trusted Pet Partners recommends reviewing your selections every few years as circumstances may change.
I don't have any friends or relatives that can take my pets. How can I make sure my pets are taken care of if something happens to me?
Many of us don't always have somebody in our lives that is just waiting to take our pets for us. There are many organizations that have set up programs where with a minimum donation they will assure that your pet will be taken care of for the rest of their life. Important questions you want to ask are:
- What kind of facility will my pet stay in?
- Will my pet be adopted out to a new family?
- Will my pet be taken care of medically?
- What guidelines will they use?
Each organization should be able to provide you with specific protocol details. You can search thru our partner directory for organizations that provide these programs and can specify any of these programs in your trust. This also allows for a third party to make sure the organization is following the guidelines you have prepared. You can also talk with your local rescue organization and they will probably have suggestions for you. Even with these programs we recommend a pet trust so YOU can provide details that can be legally enforced.
What is a "funding" a trust?
Besides creating and signing your pet care trust, you also need to transfer title to the assets that you identify to be used for your pets' care. This can be a bank account, investment account, life insurance proceeds, real estate, cars, collectibles, or other property. You will need to "transfer" it into the pet trust by changing the title on it from your name to the trustee's name.
FAMILY TRUST EXAMPLE: An asset that may be currently listed as: John and Mary Barber, would be changed to: John and Mary Barber, Trustee's of the Barber Family Pet Trust, dated 02/24/2010
INDIVIDUAL TRUST EXAMPLE: An asset that may be currently listed as: Mary Barber, would be changed to: Mary Barber, Trustee of the Mary Barber Pet Trust, dated 02/24/2010
Typically, you will be your initial Trustee, your name or family will be the name of the trust and you should use the date that you signed your pet trust.
You will continue to have access to and be able to use this property or account until your death or incapacity. When that happens, your defined Primary Trustee will have the responsibility of managing the funding assets for your pets care, per your pet trust instructions.
IMPORTANT: Without "funding" your pet trust, your trustee will have no assets to care for your pets.
I'm not sure I can fund a pet care trust.
There are many ways to fund your pet care trust. Some simple options are to:
- Keep you cars, motorcycles, boats, etc., registered in the name of your pet trust
- Keep one of your savings or retirement accounts in the name of your pet trust
- Specify artwork or collections to be used
- Set up a simple life insurance policy with the pet trust as beneficiary
Something to remember is that you are the trustee of the pet trust, so, you will always have access to use any funds, etc., at anytime. We just have the title or ownership as the trust so your designated trustee will have access to property or funds when they need to take care of our loved ones.
How much money is needed to care for my pets?
The amount needed for the care for your pets over their remaining lifetimes includes determining your pets' longevity, the cost of their regular annual care including insurance, the cost of possible extraordinary medical expenses, and the trustee's and caregiver's fees. Trusted Pet Partners recommend that your caregivers and trustees receive compensation for their generosity in providing the continuing care for your pets as well as a pet insurance policy to make sure they are properly cared for in emergencies.
A great resource for estimating annual pet costs is the ASPCA.
Using the ASPCA information, review your actual expenses in each of the categories listed to come up with your own annual expenses. Add what you would like for your trustee and caregiver compensation, and you now have a realistic annual budget. Based on your pet's life expectancy, multiply the annual budget by the estimated number of years your pets may continue to live.
Which states have current legislation for pet trusts?
| Alabama |
Kansas |
Ohio |
| Alaska |
Maine |
Oklahoma |
| Arizona |
Maryland |
Oregon |
| Arkansas |
Massachusetts |
Pennsylvania |
| California |
Michigan |
Rhode Island |
| Colorado |
Missouri |
South Carolina |
| Connecticut |
Montana |
South Dakota |
| Delaware |
Nebraska |
Tennessee |
| District of Columbia |
Nevada |
Texas |
| Florida |
New Hampshire |
Utah |
| Georgia |
New Jersey |
Vermont |
| Hawaii |
New Mexico |
Virginia |
| Idaho |
New York |
Washington |
| Illinois |
North Carolina |
West Virginia |
| Indiana |
North Dakota |
Wisconsin |
| Iowa |
|
Wyoming |
If your State is not listed above, pet trust legislation may not currently exist. You would have to provide for your pets long term care in other ways.
For State specific details, please review the latest updates from ASPCA .
