In Oklahoma, we definitely love our pets, and in some cases, we spoil them far more than we would even spoil our grandchildren. As we grow older, it is not uncommon to be concerned about how our pets will be taken care of in the event of our incapacitation or death. This is where a trust can help. Special trusts can be created to help support an individual's pets long after her or she has died.
At Derryberry & Naifeh, we have created a wide variety of trusts to incorporate in our clients' estate plans. Sometimes, those trusts involve pets. Some individuals might question why a trust is needed for a pet, but when we look at the very real issues involved, the reasons become clear.
Caring for a pet can be expensive, especially if the pet has medical issues or develops medical issues later on down the road. Let's say your pet develops a tumor or cancer that needs expensive treatment to resolve. If you were still alive, you might pay any price to keep your pet happy and healthy. However, another individual without the financial capacity to pay for the pet's medical expenses in this way might have no choice but to choose euthanization.
Oklahoma residents love their pets more than anything, and our estate plans should reflect this fact. Specially created pet trusts can provide financing to pay for a pet's food, medical, daycare and grooming costs through the remainder of the pet's life. Then, when the pet has died, the trust can even be designed to donate the remaining funds to the pet's caretaker, an animal related charity, or to a charity of the pet owner's choice.