Most people adopt or buy an animal with the belief that they are bringing home a pet for the family. What few people realize, however, is that they are actually bringing home an entirely new member of the family. People in Tennessee can use trusts to make sure that these four-legged family members are well-cared for no matter what the future holds.
Pet trusts play an important role in estate planning. Owners can establish and fund trusts with enough money to cover the estimated future costs of their pet’s care. This includes not only the big expenses like regular visits to the vet or emergency care, but also the cost of daily life too. Things like food, treats and even toys might be paid for with a pet trust.
A trust also gives owner the opportunity to outline detailed instructions for the animal’s care. Medical history, veterinarian contact information, food preferences, normal behavior and more can all be found in a comprehensive pet trust. This information is extremely useful for the caretaker, who is the individual who will take over caring for the animal. Some trusts appoint a trustee who is different than the caretaker, which adds a layer of certainty that the funds will be used exclusively for the animal’s care.
For Tennessee pet owners, knowing that an animal will outlive them can be upsetting. However, these individuals can be proactive in addressing these concerns. Pet trusts are an important part of estate planning that are easy enough to set up with the help of an experienced attorney.