Thursday, April 28, 2011

Trust Funds and Wills for Your Pets

Often, when preparing a will, we think about which friend or family member we want to leave our precious heirlooms to or, who gets what percentage of the money that remains. But, have you ever thought about what will happen to your pets if you should pass before they do. You can’t simply trust or expect your best friend or relative to take care of everything. Even if they bring your pet home with them to live, will they be able to pay for all of the expenses? That's why you should have a will that details what should happen to your pets should they outlive you and establish a trust fund to cover the costs.
Like trust funds for human family members, trust funds for pets can be set up in order to provide for the beneficiary's care when the pet owner dies. Arrangements can be made as to who will be the pet's new caretaker as well as what the funds should cover for the rest of the animal's life.

Funds for your pet are normally dispersed each month. Most people leave the caregiver a separate percentage or dollar amount for making sure their animal is cared for properly.
To find out more information about how to set up a pet trust, click here.

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