Pet Trusts
Pets have become a staple in everyday lives – they travel frequently, stay in hotels, visit their owners at work and are generally embraced by their local communities. With annual pet costs ranging from $1,500 to $36,000, and above, owners must consider these long-term costs that may supersede them.
At a time when pet popularity is at a peak, nothing says ‘I love you’ to a pet more than protecting them with a pet trust when you’re no longer available to care for them. An everyday animal lover can ensure the best care for their pets.
Pet trusts can be formed with minimal investment to ensure an animal’s future needs are met. From veterinary bills and grooming to special food, toys and socialization, a pet trust can cover animal essentials and pre-determine who will properly care for the pet.
Why is a pet trust important?
According to Florida Bar Board Certified Wills, Trusts and Estates Attorney, Robin D. Merriman II, clients consult with him about:
- concerns regarding their pet’s well-being if something were to happen to them.
- how to estimate annual costs of care beyond the owner’s lifetime.
- potential lifestyle accommodations.
- determining who will be the pet’s caretaker, and if extra financial compensation is appropriate.
- incorporating a pet trust into estate planning is the ideal solution to ensure their beloved pets receive the highest level of care.
Popular pets that require costly and/or long-term care include:
- Horses
- Birds
- Dogs
- Cats
- Reptiles
- Exotic animals
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