If your dog could talk, he’d probably ask what happens if he outlives you. While that’s not the happiest thought, it’s something every pet owner should consider. You wouldn’t leave your kids without a plan, so why leave your pets without one? In North Carolina, pets are considered property. That means you can’t leave them money directly in a Will. But you can set up a pet trust to ensure they’re cared for however you want.
A pet trust is a legal way to set aside money for your pet’s care after you’re gone. It’s more reliable than just leaving cash to a friend and hoping for the best. With a pet trust, you can be sure your pet will have food, vet visits, and a safe home for the rest of its life.
Setting Up a Pet Trust
Since pets can’t own or manage money, you’ll need a trustee to handle the funds. This person makes sure the money is spent on your pet’s care. You also need a caretaker—the person who will actually take in and care for your pet. These can be the same person, but it’s good to name an alternate, just in case. If you don’t have anyone in mind, you can authorize the executor of your Will to choose someone.
The trust can be part of your Will or a larger estate plan. You decide how much money should be set aside—whether it’s a set dollar amount or a percentage of your estate. The trust only kicks in if you have pets when you pass away. If you don’t, the money stays with your other assets and is distributed according to your estate plan.
What Happens to Extra Money?
Your pet trust covers everything from food to vet bills, but what if there’s money left over when your pet passes? That depends on how you set it up. The remainder can go back into your original trust or be given to a person or charity. This way, you don’t have to worry about excess funds going to waste.
Planning for your pet’s future is just as important as planning for the rest of your estate. A pet trust gives you peace of mind, knowing your furry friend will be cared for no matter what. If you’re in Brunswick County and want to protect your pet, B. Joseph Causey, Jr., Attorney at Law, can help you put a plan in place that fits your needs. Reach out today to get started.