We are more attached to our pets than ever and treasure their role in our lives during a pandemic. It can be a great way to have peace of mind by planning for your pet's care in case of your death or incapacitation. A pet trust is the best way to plan for your pet’s care.
A pet trust is a legal document that specifies how your pet should be cared for after your death or disability. It also provides the assets necessary to fund this care. If you want to look for these type of trusts then you can also check these sites.
The components of a pet trust
Designation of Trustee: You can designate a trustee in your pet trust to manage the trust's money according to your instructions. This will be for the benefit of your pets.
Designation of a Caretaker: This is the person who takes ownership of your pets. You can designate one person to be both the trustee and the pet caretaker, or you can designate two different individuals.
Designation of Successors: In the event that the named person is unable or unwilling to fulfill these roles, you may want to designate a successor trustee and successor caregiver.
Funding the trust will be required once the pet trust has been established. Consider the expected life span of your pet, as well as the cost of food, pet-sitting, and veterinary bills.
As closely as possible, provide assets to the trust that are comparable to this cost. It is important that the pet's caretaker has the resources necessary to provide adequate care.