It’s no secret that there are a lot of pet lovers in the United States, and as a senior you can join their ranks with peace of mind by creating a pet trust.
It is important for every responsible adult to have an estate plan in place, and you should painstakingly cover all of your bases. At the same time, people live much longer than dogs and cats and most other animals. If you are a relatively young adult and you have family members who would obviously care for your pet if you were to pass away, creating a pet trust may not be a priority for you.
However, as a senior citizen you may be in a different position. If you were to get a puppy or kitten during your elder years, it is quite possible that you could predecease the animal.
Indeed, experts tell us that pet ownership can be very beneficial to senior citizens. Those who are lonely have a ready companion, one can feel a renewed sense of purpose, and there are actually health benefits that go along with pet ownership.
You can gain peace of mind by including a pet trust in your estate plan. You simply convey assets into the trust that will be sufficient to pay for the pet’s needs throughout its life.
In the trust agreement, you express how you want the pet cared for, and you name a trustee and a human beneficiary. The trustee will manage the funds for the benefit of the pet throughout its life, and when the animal passes away the human beneficiary will assume ownership of any remaining assets that exist.