An estimated 44% of pet owners have made plans for their animals after death. Pyle, Dellinger & Naylor says pets cannot inherit directly; a pet trust lets a trustee manage care funds under written instructions while a designated caregiver takes the animal.
The owner can name the caregiver and set directions for expenses such as veterinary care, food, toys and exercise. The trustee controls and disburses the funds and has a fiduciary duty to follow the instructions; the trust may authorize steps to remove the pet from a caregiver who ignores them and find a substitute.
A pet trust typically lasts until the animal dies unless its creator specifies otherwise; any remaining money can then go to remainder beneficiaries. The firm says giving money outright to the caregiver cannot guarantee it will be used as intended, and that the caregiver’s death or incapacity could disrupt the animal’s care.
