Increasingly, people aren’t just considering their human loved ones in their estate planning. They’re including stipulations for the care of any pets who outlive them. This is crucial for those who don’t have relatives living nearby who can take their animals. However, whatever the circumstances, you want to put something solid in place.
Too often, people assume that adult children or other relatives will take their pets and give them a good home. However, promises and good intentions can fall by the wayside if a pet has behavioral issues (because they’ll be grieving), someone in the family has allergies or there’s a conflict with family pets.
Animal shelters are filled with animals whose owners died and family members couldn’t or wouldn’t care for them. This doesn’t have to happen. Colorado is one of a growing number of states that allows people to create a pet trust as part of their estate plan. The trust lets you designate a certain amount of assets to be used for the care of whatever pets you have when you die.
Naming a pet caregiver and providing instructions
It’s also crucial to name a designated pet caregiver (and at least one alternate) who will provide your animals with a good home. You can make your pet caregiver the trustee of your pet trust. That’s typically the most convenient way to do it. You may choose to name another person as the trustee.
You can make the trust instructions as detailed as you choose or just stipulate that the caregiver will provide your pets with the comfort, attention and medical care they’re used to for the rest of their natural lives.
You’ll want to designate that the money in the trust will be used only for your pets’ well-being and stipulate what happens to any leftover funds after your pets are gone. You’ll also want to designate that if your chosen caregiver and alternates can’t fulfill these responsibilities, they’re to give your animals to a trusted rescue group.
You can avoid having to update your pet trust any time you lose or adopt an animal. You can simply state that it applies to any pets you own at the time of your death or incapacitation.
This is just a brief overview of how pet trusts work. The important thing is to ensure that your companion animals are addressed in your estate plan. Having experienced legal guidance will help you create a trust that gives you peace of mind.