One needn’t be surprised to learn that 16 US states have passed laws that allow pet owners to set up a pet trust fund to look after Mew-Mew or Bark-Bark after the owner has died.
While establishing a pet trust fund may appear to be a new trend in estate planning, it really is an ancient practice. Dating back as far as 3000 BC, cats were worshipped by the Egyptians and afforded the same mummification as the upper class.
In 1993, Doris Duke, heiress to a tobacco fortune, left $100,000 to her dog, Rodeo. British singer Dusty Springfield's 1999 will specifies that a bequest for her cat Nicholas be spent on a lifetime supply of his favorite meal, imported baby food.
Establishing a Pet Trust Fund
A pet trust is established much like any trust. The grantor of the pet trust to fund the trust with enough property or cash to care for the pet for his or her expected lifetime. The grantor can choose for a pet trust fund to take effect upon death or any disability that prevents one from caring properly for a beloved pet.
Additionally, the grantor must name a trustee as well as a caregiver for the pet as well as alternates for both. The trustee of the pet trust fund will make payments, as outlined in the pet trust, to the pet’s caregiver.
Detailed instructions included in a pet trust include: identification of the pet, food preferences, exercise schedule, medications and health issues. Most pet trusts include instructions about disposition of the pet’s body as well as final distribution of the pet trust after the pet dies.
