Don’t Let Your Fur-babies Down: Why Everyone With Pets Should Have a Pet Trust.
I’ll admit it. I’m a nerd. I’m also a lawyer, animal lover, and pet owner (three dogs and three cats!). I worry about my pets a lot. Mostly my cats. Who is going to love them as much as I do if something happens to me? Will they be taken care of? Spoiled? Or will they end up at a shelter?
In my case I don’t really have to worry. After all, because I’m a lawyer, I have a pet trust set up. However, most people don’t. Especially people my age (I’m a millennial, in case you were curious). This could spell disaster because millennials apparently own more pets than any other age group (some sources estimate seven out of ten of us have pets). Most likely, this has occurred because of how many millennials are choosing not to have children or to wait awhile before having children.
What happens if you don’t have a pet trust? Let me paint a picture for you. Let’s say you went out with your friends and had one too many cocktails. Or you’re on vacation and you decide you want to try bungee-jumping. Either way, you don’t come home. If you live alone, your pet is in big trouble. If nobody takes your pet, he ends up in a shelter.
Now you might be saying- I have a will, so why do I need a pet trust? Sorry to break it to you, but a will won’t help Fido. This is because a will is more of an aspirational document. You can write in your will that your sister Mary will take Fido and provide for him financially, but she doesn’t have to just because it’s there in writing. She might decide Fido is too much work or interferes with her lifestyle and boom- Fido ends up at the pound. Also, under the law, Fido is still considered property. So putting him in a will? It’s literally just like giving your comic book collection to someone. They don’t have any obligation to keep it. In the case of your pet, they also don’t have any obligation to take care of it in the manner to which it is accustomed.
Nope, the only way to protect Fido or Fluffy is with a pet trust. A pet trust is effective because the person you name has to take care of your pets (but seriously, always name alternatives). In addition, with a pet trust, you can actually leave behind funds for your pet’s care. A pet trust is really the only way to ensure that your pets are safe in your absence.
The best thing is pet trusts are relatively inexpensive. The peace of mind you’ll get from having one though? Priceless.
