A Pet Trust: Estate Planning for Fido and Fluffy
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| Gary’s dog Rusty (1998-2011) |
Sixty-eight percent of US households own a pet. Many pet owners consider their pets as part of their family. If you love Fido and Fluffy like family, read on to see how you can make sure they are taken care of, even if you’re not around.
The Pet Trust
California is one of 46 states that allow for a Pet Trust as part of an Estate Plan. While many people do mention their furry friends as property in a Trust and even leave money to a caretaker for the continued care of the pet, there is nothing that requires the caretaker to use the funds in that way.
With a Pet Trust, the owner creates a specific Trust with funds handled by a trustee. These funds must then be used expressly for the care and feeding of the pet as outlined in the Trust. Pet owners can even make plans for any surplus funds left in the Pet Trust once the animal dies. Many people who create pet trusts lay out a plan to donate these extra funds to veterinary or animal causes. According to research in 2012, 9% of cat and dog owners had created a pet trust.
Whether you want to take care of your pet, your home, or even your kids should something happen to you or our spouse, GQ Law can help. Contact us today at 858-449-9204. Gary Quackenbush has been helping pet lovers like you prepare complete Estate Plans to protect their beloved assets since 1988.
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| Gunner, Gary’s 9 year old chihuahua |
