Pet Trusts: Caring for your Pets After You Pass
Pet trusts have become increasingly important as more and more people consider pets as part of their family. Read on to learn about the growing popularity of pet trusts and how to include your furry friends in your estate plans.
Pet Trusts on the Rise
With fewer people choosing to have children, the role of pets in our lives is becoming more significant. According to a February 2024 Pew Research Center poll, 30% of 18 to 34-year-olds without kids aren’t sure if they want children, and 18% say they don’t want any. Additionally, 78% of surveyed pet owners obtained their pet during the pandemic.
Pets provide companionship and emotional support, making them integral to their owners’ lives. In fact, 97% of pet owners consider their pets to be a part of their family. So, what exactly is a pet trust?
A pet trust is a legal arrangement designed to ensure your pets are cared for in the event you pass away or become incapacitated. It outlines how much of your funds will be dedicated to your pet’s expenses and who will be responsible for their care.
How to Create a Pet Trust
The first step in creating a pet trust is consulting an estate planning attorney who can help you draft the pet trust, determine the amount of your funds you’d like allocated for your pet’s care, and appoint a trustee or guardian for your pet.
It is important to note that working with a professional will ensure that your estate planning documents (including your pet trust) are handled appropriately, avoiding any errors.
Once the pet trust is drafted and signed, it must be kept safe with your estate planning documents. The pet trust can include instructions specifying the type of food and veterinary care your pet needs.
Take the Next Steps for Your Pet’s Care
Incorporating a pet trust into your estate plan is a thoughtful way to ensure your beloved pets are well care for, even when you are no longer able to provide for them. Planning ahead will safeguard your pets’ needs and provide them with the love and attention they deserve.
Reach out to a legal expert like Kevin L. Miller, PC. Oklahoma attorney, Kevin L. Miller, PC specializes in estate planning, trusts, wills and more. He has over 35 years of experience in helping all kinds of individuals and families.
He says, “For me, estate planning is more than property and money. It is about planning, providing, and caring for you and your loved ones, both now and in the future.”
No matter what the future holds, establishing a pet trust will give you peace of mind and your pets will continue to be cherished members of your family.
Work with Kevin L. Miller, PC today. Call (405) 443-5100 to get started.