Pet owners make a commitment to care for the animal as long as that animal is alive. Many may not think too much about what will happen to their pets when the owner passes away. For those who want to take care of their beloved pets, including the animals in their estate plan is beneficial.
One option that’s available is the use of a purpose trust as a pet trust, which enables the owner to provide assets that will care for the pets after the owner dies. In Idaho, a purpose trust doesn’t have traditional beneficiaries. Instead, the trust is established to serve specific purposes, such as providing veterinary care, food and other needs of the pet. The trustee over the trust is tasked with ensuring the funds are used as intended.
Setting up the trust
Setting up a purpose trust for pets involves a few key steps. One of the first steps is determining what will be placed in the trust. Considering the number of pets to be cared for, their expected lifespan and the potential expenses they’ll incur can help with this. A trustee must be named and all applicable instructions for care must be provided.
Pet owners who establish an Idaho purpose trust can ensure their pets are cared for in the specified manner. This is a legally binding arrangement, so it’s a step above informal agreements. The trust will last until the funds are exhausted or the pet passes away. Since this is only one component of a comprehensive estate plan, it’s critical to ensure all other aspects of the plan are set up in the proper manner.