Many pet owners think of their pets as family members and want to make sure that their pets are well cared for if they are unable to care for their pets themselves. One way to provide for your pet’s well-being is to set up a pet trust.
One of the most famous pet trusts in history was Leona Helmsley’s trust for her dog named Trouble. Her will contained instructions to establish a $12 million dollar testamentary trust to benefit Trouble after her death. Although a judge later reduced Trouble’s inheritance to $2 million dollars, she lived a life of luxury until her death at the age of 12.
A pet trust can be established in either a will or a trust, and can benefit one pet or many pets. A pet trust will appoint a person or organization to care for your pet, and will establish a trust fund to finance the care of your pet. The trust will continue after your death until your pets pass away, and then any remaining funds are distributed to a contingent beneficiary named in the trust.
Contact your estate planning attorney if you would like to establish a trust for a pet, and coordinate the pet trust with your estate plan.