Life Insurance Can Fund Your Pet Trust
There is no “one best” way to fund a pet trust.
You may specify a bank account, a savings or money market account, an annuity, an IRA, a payable on death bank account or other form of contractual agreement to fund a pet trust.
Of course, one of the most common forms of funding is through the purchase of a life insurance policy.
Generally, the trustee is named as the beneficiary of the life insurance proceeds to be placed into the pet trust
However, you should consult with your attorney, insurance broker, commodity broker or banker to correctly determine the name that should be placed on these accounts for the benefit of the trustee and your pets.
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