Pet owners tend to feel a sense of devotion toward their companion animals. They want to offer them the most comfortable and enriched life possible. Protecting a pet sometimes requires considering what may happen to the animal when the current owner dies.
People in their golden years and those with major medical conditions might consider addressing their pets in their estate plans. To do so effectively, funding a trust is often necessary. Why can’t people use wills to protect the animals that they love?
Animals can’t own property
The simplest reason that a pet trust is often necessary is that an animal cannot be a beneficiary in a will. They have no property ownership rights.
Any assets passed to a pet are likely to end up under the control of whoever assumes responsibility for the animal. Once they have claimed possession of the animal and the assets intended for the animal’s support, the new owner could surrender the pet to a shelter or even have the animal euthanized.
A pet trust helps prevent that situation from occurring. The pet owner can set aside resources to care for the pet, and they may name a trustee to distribute those resources as necessary.
They can also choose a different person to live with the pet and take responsibility for its daily needs. The trustee can then help ensure that the animal receives the care and love it deserves, instead of being vulnerable due to the greed of humans.
A well-funded and carefully structured pet trust can protect a companion animal for years after their owner dies. Discussing the future of a pet can be important for a testator’s peace of mind, especially if their pet is likely to outlive them by many years.
