Have you ever thought about what would happen to your if you were
to suddenly pass away? Would there be someone to step up and
care for it? Unfortunately, pets often end up in shelters because
there was no arrangement made for anyone to take them.
The emotional connection between owners and their pets is stronger
than ever; most owners view their pets as children. And just as
parents leave estates and trusts to their children, more and more
people are leaving trusts and estates to their pets.
Besides providing peace of mind that your pet will be taken care of
should you no longer be around and depending on the current
legislation in your state, pet trusts can be a legally enforceable
method to provide for your pet’s long-term care.
Trust Funds for Pets Make Headline News
In fact, pet trust funds are part of a growing trend. The 2007-2008
American Pet Products Manufacturers Association (APPMA) National
Pet Owners Survey reports judges in 25 states have administered
financial trusts set up in a pet’s name.
Pet trusts are not unheard of—a number of high-profile pet trusts
have made national headlines, such as the case of Manhattan luxury-
hotel queen Leona Helmsley, who left a $12 million trust to her dog,
Trouble. Other celebrity pet trusts such as the one left by British
singer Dusty Springfield for her cat, Nicholas, specified the cat’s bed
be lined with his deceased owner’s nightgown, and that Nicholas
continue his special diet of American baby food.
Trust Funds Provide Continuous Care
“I realized that if anything were to happen to me, I couldn’t guarantee
that whoever adopted [my cat] Samantha would give her the same
level of care she deserves, while being appropriately compensated
for doing so,” she explains. “Taking care of an animal is not cheap
and sometimes not easy—things add up.”
to suddenly pass away? Would there be someone to step up and
care for it? Unfortunately, pets often end up in shelters because
there was no arrangement made for anyone to take them.
The emotional connection between owners and their pets is stronger
than ever; most owners view their pets as children. And just as
parents leave estates and trusts to their children, more and more
people are leaving trusts and estates to their pets.
Besides providing peace of mind that your pet will be taken care of
should you no longer be around and depending on the current
legislation in your state, pet trusts can be a legally enforceable
method to provide for your pet’s long-term care.
Trust Funds for Pets Make Headline News
In fact, pet trust funds are part of a growing trend. The 2007-2008
American Pet Products Manufacturers Association (APPMA) National
Pet Owners Survey reports judges in 25 states have administered
financial trusts set up in a pet’s name.
Pet trusts are not unheard of—a number of high-profile pet trusts
have made national headlines, such as the case of Manhattan luxury-
hotel queen Leona Helmsley, who left a $12 million trust to her dog,
Trouble. Other celebrity pet trusts such as the one left by British
singer Dusty Springfield for her cat, Nicholas, specified the cat’s bed
be lined with his deceased owner’s nightgown, and that Nicholas
continue his special diet of American baby food.
Trust Funds Provide Continuous Care
“I realized that if anything were to happen to me, I couldn’t guarantee
that whoever adopted [my cat] Samantha would give her the same
level of care she deserves, while being appropriately compensated
for doing so,” she explains. “Taking care of an animal is not cheap
and sometimes not easy—things add up.”
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
The Growing Demand for Pet Trust Funds
| 7 Reasons to Have a Trust You live alone. If you live alone with your pet, you need to consider who would step in and care for your pet if something happened to you. You have a chronic illness or your life expectancy is shorter than your pet. If you pet is likely to outlive you for some reason, you may need to consider making arrangements for care after you pass away. Your pet is one that not just anyone can care for. A dog that is a Great Dane cannot be taken in by just anyone. Cats may have allergies or family members may be allergic to them preventing the humans from taking your pet in. You have multiple pets. If you have multiple dogs and/or cats it may be difficult to find a family member or friend that can care for them, especially if that person already has pets of their own. Family members would not be good pet caretakers. There are many reasons why a family member may not be a good choice to care for your pet. Maybe they are allergic to cats, hate dogs, or just don’t have the time to give your pet the love and attention it is used to. You have a guardian for your pet but the guardian needs assets for the pet’s care. Maybe you have a wonderful pet lover in mind to care for your pet, but that individual doesn’t have the resources to take care of the pet for the pet’s lifetime. |
| an attorney with the Bloomington law firm Mallor Clendening can help set up a pet trust. Her firm has creating the documents. Pamela is a customer of Bloomington Pet Pals. She can be reached at 812-336-0200. |
| Bloomington Pet Pals We Play While You're Away |
