Companion animals or pets can enhance people’s lives. They provide love and mental stimulation. They motivate people to exercise and even offer opportunities to socialize with others.
People dealing with medical challenges or preparing for their golden years may want to consider their pets as they establish estate plans. Although some people simply include their pets in their wills, those worried about their companion animals may want to consider funding a trust for the protection of a pet after they pass.
Why is a trust sometimes necessary?
Pets are animals, and as such, they do not have property ownership rights. Any assets left to a pet in a will are likely to end up in the control of the person who agrees to care for the animal. Once they have control over those assets, they could surrender the pet to a shelter or even have it euthanized. People could engage in similar conduct if a testator bequeaths their pet to someone as part of their inheritance.
A pet trust creates more structure and reduces the likelihood of people mistreating or euthanizing a pet because of the assets provided for its care. The trustee can oversee the distribution of resources and can help ensure that the pet receives the care and love it deserves. The separation between the animal’s caregiver and the assets intended for its support can help prevent the misuse of those resources.
Establishing estate plans that address unique issues, such as the safety of a pet, can help people feel more confident about the future. Beloved companion animals deserve support even after their owners pass, and trusts can help to better ensure that they receive it.
