Estate planning is an important step in anyone’s life in Oregon, especially as they are nearing their later years in life. If you are currently working on your last will and testament, you may be trying to figure out how to guarantee that your pet will continue to stay happy and well-cared-for if it survives you.
While it is possible to include pets in you will, this is not always the most effective option, since animals do not have the same rights as humans, and cannot exactly be beneficiaries of any inheritance. With a pet trust, however, it is much easier to guarantee for your pet to have a secure and comfortable future.
What is a pet trust?
According to the American Society for the Prevention of Cruelty to Animals, a pet trust is an arrangement for the care of your pet which is legally sanctioned. It can last for the duration of the animal’s life and allows you to provide precise instructions for how your pet is to be cared for, including naming a caretaker, designating the diet your pet should be fed and even providing instructions for the animal’s veterinary care.
What is involved in creating a pet trust?
To set up a pet trust, you need to be able to spell out instructions for every detail of how you want the animal to be cared for. You will state the way your pet is to be disposed of after passing, the amount of funds to be used to care for the pet, and describe the expected standard of care, among other things.