Pet Trust Law Blog : Pet Trust Lawyer & Attorney : Dan Meek Law Firm : Estate Planning, Pet Guardians, Will Provisions

• Email This
• Print
• Comments
• Trackbacks
• Share Link

I am in the early stages of thinking about a pet trust for my cat, Alabaster. How much money will I need to put into the trust?

Shelby                                         Carmel, Indiana

Shelby, just about anyone that you ask will have a different answer to this question.

Attorney Nancy J. Burns, of the firm of Schwartz Manes Ruby & Slovin of Cincinnati has set the following guidelines:

   "To determine how much money to put into (“fund”) your pet trust, consider the following:
• life expectancy of your pet
• cost of current or future medical treatment
• trustee fees
• whether or not to compensate the caregiver
• cost of basic care items such as food, medication, and grooming

NOT TOO LITTLE, NOT TOO MUCH

You will want to set aside enough so that the trust does not run out of funds during your pet’s lifetime, but not so much to cause your heirs to contest your trust. If you put too much property in the trust, a judge may determine that the value of the trust property exceeds the amount necessary to care for your pet and order that the excess property be given back to the person who created the trust or to others named in the trust, or according to your estate plan.

NOW OR LATER

You can fund your pet trust during your lifetime or after your death. Your pet trust needs assets in it to pay for the care of your pet. If you fund your trust during your lifetime there will be assets immediately available to care for your pet if you become disabled or die. If you do not fund the trust during your lifetime and you become disabled, there would be no funds in the trust to care for your pet. If you died before funding the trust, assets may first have to pass through probate causing a delay before your trust receives funds to care for your pet."

For additional information, you may go to her website here.

We will offer differing opinions and attitudes regarding pet trust funding for your review and consideration in the future.

Shelby, at least, you are in the initial stages of planning and that is the key to protecting your pet in the future.