Estate Planning for Pets
Yes, you read that correctly and it’s not that unusual! It’s called a pet trust and it is a legal instrument in all 50 states allowing you to set aside funds in case you become disabled or die.
The amount you set aside goes to a designated caregiver to support that pet and its needs, such as food or veterinary care or even grooming. Normally the payments end when the pet’s life does and anything remaining would go to the heirs established in the non-pet trust.
Most people love their pets as family members so having this kind of arrangement makes sense. As anyone can see on social media or in the news, pets who lose their owners often suffer the fate of being sent to animal rescue facilities if other arrangements haven’t been made.