For many in Oklahoma, ensuring that their beloved pets are properly cared for is a top priority. This is true during the owner's life and is also a part of their estate planning efforts. To that end, there are certain circumstances in which trusts are a good fit. Creating a trust can make it easier for a new owner to continue the same level of care to which pets have become accustomed.
For example, certain animals require a great deal of medical care, whether due to their particular breed or advanced age. Other animals incur high costs associated with boarding, such as horses or animals that are used in show. In the case of farm animals, a wide range of costs can come into play.
Establishing a pet care trust can help ensure that the individual(s) who assume responsibility for one's pets will have the financial means of providing the necessary level of care. This is not only a loving step to take for one's animals, but it is also incredibly thoughtful toward the person who will take on the duty of caring for one's pets. A pet care trust is established and funded in much the same way as other forms of trusts, and a great deal of flexibility can be used to direct the distribution of assets from that vehicle.
When planning for the eventual care of one's beloved animals, perhaps the most important consideration is to discuss the matter with the person or people who will be entrusted with a pet's care. It is imperative to make sure that everyone is on the same page when it comes to pet care and estate planning, including the use of trusts. In order for a smooth transition to take place, the new owners must have the ability, desire and motivation to assume care of one's pets. These factors can shift over time, as individuals have small children, age or go through other life changes, making it important for Oklahoma residents to review these plans from time to time.
Source: seattlepi.com, "Pet Estate Planning: Six Things You Need to Do To Protect Your Pet", Diane Rich, July 22, 2015