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Q.How does a Pet Trust work?
A.Pet trusts operate much the same as traditional trusts, although both a trustee and a caregiver for the pet must be named. To create a pet trust, the owner of the pet will create either a Will or Revocable Living Trust that provides for the creation of a "Pet Trust" upon the owner's incapacitation or death. To make such a provision, the owner must specify that a pet trust will be established for the care of the pet, specify a certain amount of money that will be set-aside for the trustee, specify the type of care that is to be given, and name both a trustee to manage the trust assets and a separate caregiver to care for the pet. In the event that you do not have someone that would be suitable, there are organizations that will undertake the responsibility, albeit for a fee.
The pet owner should adequately describe the pet, the pet's medical history, conditions, diet, and exercise, likes, dislikes, and habits. The pet owner should also provide instructions about the type of food the pet should eat, how often the pet should be exercised, how often and on what terms the pet should visit a veterinarian, how the pet's body should be disposed of at death, and how the remainder of the trust assets should be distributed at that time.
You must also decide whether the caregiver and trustee should be paid for their services, and if so how much. You should also name a beneficiary to receive any funds remaining in the trust upon the death of the last pet.
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