Frequently Asked Pet Trust Questions:

One thing you can do is to create a pet trust. There are two types of pet trusts. First, there is a traditional pet trust. The second type is a statutory pet trust, which derives its authority from a statute, also known as the law, in the state in which you reside.

Approximately sixty-seven percent of people in the United States die without even preparing a will to transfer their assets to their loved ones. If you don't have a will or a trust, the Probate Act of the state where you reside will control the distribution of your assets. The problem is not all states recognize "pets" as any thing other than personal property.

Most people do not consider their pets, or domestic animals, as "property" or "assets." They consider them part of their family. Unfortunately, most American courts in the past have considered pets to be personal property, whether it is dogs, cats, horses, birds, etc. While most people document in a Will or Trust how their property (real and personal) should be distributed (who gets what) they fail to discuss the care of their pets.

A trust is a three (3) party agreement, whereby you have a person who creates the trust, sometimes called a grantor or a settlor, the grantor sets aside funds to take care of someone or (something.) The grantor gives the funds to a trustee who is responsible for holding on to the funds, for that certain someone (or something). The third (3rd) party of the trust is the beneficiary, the someone or (something) for whose benefit the trustee holds the funds.

You as grantor set aside funds with a trustee to dole out to a caretaker you name to take care of your pet(s).

You can create a trust while you are living (interestingly enough called a "living" trust), or when you die (not so interestingly, but legally called a "testamentary" trust). While the history of the creation of trusts through the common law courts commencing with the Magna Carta can be very interesting (yawn), the fact is that you can create a "Peace of Mind Pet Trust" to insure your beloved pet will be properly taken care of in the event of your incapacity due to accident or illness, or as a result of your death.

Funds can come from a collection of places. Possibly from a small term life insurance policy, your savings, from your Will or Trust, a bank account that names the Trust under a transfer at death or payable on death clause on the signature card. The possibilities are endless. The important part is you provide instructions regarding care, feeding, exercise, veterinary care, and burial for your pet. Unlike a person who can fend for him or her self a pet is, for the most part, entirely dependent upon their "Master." Don't you want to take care of the pet who loves you unconditionally?