Should I Create a Pet Trust?
Some people simply leave their pets to a new owner in their will. If you choose to do this, you should obviously warn the person you plan to leave your pet or pets to. You can give them a copy of your will so that they can act right away to take these animals into your care once you pass away.
When you do this, you are counting on someone to take care of your pets in the same way that you did. You can even leave your pet’s new owner some money to help with the inevitable expenses. However, this is not quite enough for some pet owners. Some instead decide to form a pet trust that can look out for their companion’s best interests for life.
What Are the Advantages of a Pet Trust?
When you form a pet trust you can set some guidelines that ensure that your pet will be well taken care of. Instead of leaving the pet to someone along with a sum of money, that money is actually placed into a trust. This pet trust functions in a similar manner to a trust you would set up for a human relative. People cannot just make withdrawals from it on a whim.
This trust can contain a sum of money that would be used for all of your furry companion’s needs. The person in charge of caring for your pet can use the trust’s money to pay for trips to the vet, bags of food, and even new toys if you put that in the instructions. You can be specific about how the money can be used and what kind of care you want your pet to receive when you are gone.
This is still a relatively new concept in Iowa law, so you may have some questions about it. Our lawyers can answer them, and we can also help you estimate how much money you should leave behind. You want to be sure that all of your pet’s needs are met once you are gone, so having some assistance is a good idea.
Meet With an Estate Planning Lawyer
Our team can assist you with any of your estate planning needs, including setting up a pet trust. Contact Herting Law, PLLC and set up a consultation where we can learn more about your plans and help you get them in writing. It is never too early to start this important process.