A Constant Dilemma-How Much is Needed to Fund My Pet Trust?
To determine how much money you will need to fund your pet trust, Gerry W. Beyer, the Governor Preston E. Smith Regents Professor of Law for Texas Tech University, suggests that you consider some of the following issues:
The type of animal
The animal’s life expectancy (especially important in case of long-lived animals)
The standard of living you wish to provide for the animal (including food and grooming
The need for potentially expensive medical treatment
Payment for the caregiver
Whether the trustee is to be paid for his or her services, and
Adequate funds should also be included to provide the animal with proper care, be it an animal-sitter or a professional boarding business, when the caregiver is on vacation, out-of-town on business, receiving care in a hospital, or is otherwise temporarily unable personally to provide for the animal.
This question always arises when discussing pet trusts and never has a simple or easy answer.
http://www.pettrustlawblog.com/admin/trackback/220589
