Estate Planning as a Career

Understanding Your Pet Trust – The Role of the Trustee

January 12th, 2010 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author

A pet trust is a legal arrangement that ensures care for a pet when the owner becomes disabled or dies. This arrangement is usually done through an attorney who specializes in pet trust funds and it addresses two important components of caring for a pet that’s been left behind: who will care for the pet and who will pay for the care.

To answer the first question, you’ll need to designate a caregiver. The caregiver is the person who will assume the responsibility of caring for your pet on a daily basis. This person is responsible for the feeding, grooming, exercising and housing duties as well as attending to any special or medical needs or situations that require emergency care. The caregiver associated with a pet trust is also considered to be the beneficiary of the trust.

The second question is where the pet trust really comes into play. By setting aside money through a variety of means specifically for the trust, you can ensure that your pet always has the financial support they need to live a happy and healthy life.

To manage these funds, you’ll want to designate a trustee. The trustee of the pet trust is the individual or corporation the pet owner believes will manage the trust efficiently and effectively and interact with the beneficiary to ensure they are taking proper care of the pet. This includes periodic visits by the trustee to check on the pet in person, to ensure the wishes designated by the pet owner concerning the living standards, medical and nutritional requirements are being met.

A trustee should be selected for their integrity, commitment, and financial responsibility. A family member or friend can be selected by the pet owner to act as the trustee; however, it might be wiser to hire a professional or a corporation with experience in managing trusts to handle this role.

It is recommended that the pet owner choose an additional parties as alternative caregivers and trustees so that you have a backup in the event that your original choice is unable or unwilling to fulfill their duties.

Once the pet trust has been created, the pet owner should record information pertaining to, but limited to, the pet’s living standards, grooming instructions, medical care, and the eventual burial or cremation of the pet. The pet owner should make sure that the individual(s) they designate to be the trustee(s) of the pet trust and the caregiver(s) of the pet trust have copies of these informational documents for their records, so they can be prepared to take on their role if or when needed. You can find sample forms for recording this information in our ebook, Protecting Your Pet’s Future.

Of course, it is strongly recommended that the pet owner discuss all aspects of the trust with an attorney that is well-versed in pet trust law as the laws vary from state to state and some states currently do not have statutes to govern pet trusts.

Easy Pet Planning was created by the founders of The American Academy of Estate Planning Attorneys (http://aaepa.com), a national organization promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research, educational materials, and other vital practice management techniques. To learn more about pet trust terminology and to sign up for our free e-course on how to protect your pet’s future, visit our website.