When you’re a pet owner, your furry companion will rely on you to provide shelter, food, veterinary care, and love. If you pass away, it may not be clear who should assume these responsibilities and how the financial obligations should be met. Form a pet trust with an attorney to create a plan that outlines what will happen to your animal upon your passing. If you’re new to this aspect of estate planning, here’s a quick guide to help illustrate how this legal resource works.

What to Know About Pet Trusts

What happens if I don’t have a trust for my pet?

A trust is the only way you can legally reserve funds for the explicit care of your furry friend. If you only have a will, your pet will be given to a named beneficiary, like a friend or family member. Without a will, what happens to your companion is determined by the state’s intestate succession laws. This means your pet and their care will become the responsibility of your legal next of kin, such as a spouse, child, or parent.

What should a pet trust include?

Include a named individual to care for your companion, as well as your pet’s identification details, such as microchip data. You should also outline your pet’s regular care routine, including details about their feeding, grooming, and exercise requirements.

Disclose the usage for the funds you’ve set aside exclusively for pet care. Make sure the trust details that they can only be used for prospective costs of routine checkups and emergency procedures.

Who will make sure my pet is cared for?

Every trust has a designated trustee. This person can be a family member or an attorney, and they’re legally obligated to carry out the terms of the estate planning document. Your trustee should check-in with the caregiver periodically to ensure your pet is being cared for according to the plan. If these expectations aren’t met, the trustee can sue the caregiver.

What if there are funds leftover?

You should name a remainder beneficiary in the pet trust. This individual will receive any funds that are leftover upon the death of your companion. If you don’t want to name a person, donate the funds to a charitable organization.

If you want to start estate planning, contact the professionals at Wills and Trusts Hawaii in Honolulu. These attorneys focus on estate law and will help you form a trust for your pet. This team will create a plan that respects your wishes and will make sure the terms of your trust are met. To schedule a free consultation, send a message online or call (808) 792-8777.