What Happens if My Pet Trust Runs Out of Money?

Posted on July 29, 2009 by Danny Meek

What happens if I set up a pet trust and the trust runs out of property before my parrot, Pedro dies?
Pepe                                                                                                   Estero, Florida


Pepe, if there is no money, assets or property remaining in the trust, obviously the trustee will not be able to pay for Pedro’s care. The trustee is not responsible and not likely to pay for Pedro out of his or her own pocket.


Depending upon the circumstances and the relationship involved, the caregiver may continue to pay for Pedro' care with his or her own funds.


In case the caregiver is unwilling or unable to do so, you should have a clause in your pet trust that states the name of the person or organization to which you would like to donate your pet.


The last thing that you would want, is that for lack of proper planning, Pedro ends up in a shelter where he might be euthanized.
 

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