A Pet Trust is a legal arrangement that specifies how your animal companions would be cared for and taken care of financially if you pass away, or if you become ill or disabled and can no longer take care of them yourself
You set up the trust and name a trustee. The trustee holds cash or other assets for the benefit of your pets. Funds held in the trust are used to pay for the pet’s care and related expenses. That includes:
- Routine veterinary check-ups
- Emergency veterinary care
- Grooming costs
- Feeding and boarding costs
You could also use a Pet Trust to specify end of life care treatment for pets, and any burial or cremation arrangements that you’d prefer once your pet passes away.
Generally, a Pet Trust can be established to remain in place for the pet’s life expectancy. Some states do, however, cap how long a pet trust can continue. In several states, the limit is 21 years.
In terms of the types of pets that can be covered by a Pet Trust, the list includes the pets you’d expect: cats, dogs, birds, turtles, snakes, lizards, hamsters, and similar small animals. But, you could also set up a pet trust for larger animals, such as a horse.