Due to the lower costs, many millennials are choosing pet ownership over having kids. When estate planning, the question arises as to who homeowners can leave assets to when they don’t have any children of their own. Although you can’t leave physical property to a furry family member, you can establish a pet trust to fund their future. Use this guide to learn more about how to create one.

Why Create a Pet Trust?

As the trust “grantor,” or person that establishes the pet trust, you can ensure your animal will be financially supported in the event you become incapacitated or pass away during their lifetime. Money in the trust is specifically designated for the animal’s needs.

In the trust, you can outline when money should be issued to your pet’s new owner. In addition to funds to support the animal, the trust should also specify the type of food to buy, medical needs, and grooming services. You should also have the trustee perform routine inspections to ensure the owner of your pet is following the instructions. 

How to Establish the Trust

Establishing a pet trust is similar to creating a trust for human beneficiaries. An estate planning attorney can assist with creating the legal entity. You must appoint a trustee to manage the trust. This person will manage the funds you put into the trust and make sure they are used for your pet’s needs.

To ensure your pet ends up in the best home, take time to determine who the right person to care for the animal is. Go over the care requirements with potential candidates to make sure they are up for the task. If at any point the person you chose needs to relinquish their duties, you should also assign their successor.

To make sure the new pet owner is following the terms of the trust, choose a different person to serve as the trustee and oversee your wishes. In the case that your pet passes away before the funds run out, specify what to do with the remainder of the money.

If your estate planning includes creating a trust for your pet, contact Stuart R. Norman Jr. in Jewett City, CT. Well-versed in estate law, the attorney has been helping clients in New London County plan for their families’ futures, including how best to care for their pets, since 1974. Learn why you can trust the lawyer online, or call (860) 376-0069 for an appointment.