I just recently learned that even when you have a Trust set up to ensure your family pets are taken care of after you die, many states do not enforce or hold the caregiver responsible if they decide to spend the Trust money on something other than your pet. This just seems down right wrong, doesn't it?
In order to compensate for this oversight in some of our state's legal systems, Massachusetts animal lovers are hoping to have a new bill signed into law this week by their governor which will legally hold pet caregivers responsible for the care of any animal placed under their care through a Pet Trust.
Should you have an estate lawyer create a Pet Trust for your beloved 4-legged friends, ask about your particular state laws should the person you appoint as the caregiver not perform up to your agreement with them. It is definitely OK for the caregiver to receive payment for their services, but never to the point of your pets not having enough money later on for their vet bills.
Some points of a Pet Trust to consider come from Gabriela Sandoval's website:
"A pet trust is a legally sanctioned arrangement providing for the care and maintenance of one or more specific pet animals in the event of your disability, death or an extended absence. This way, you know your animals will be in good hands even if you can’t be there to take care of your best friend yourself.
"The trust has to name a caretaker to take responsibility of your pet and must also name a trustee to manage the trust fund. The fund is money set aside for the caretaker to follow through on your wishes. The trustee, per your specific instructions, can check in periodically with the caretaker to verify your wishes are being carried out."
There is no certain amount to put into a Pet Trust, but when putting aside money for the care of your pets, consider their health, their age, and what care you want them to have should they become ill and need medical care.
Since I still have 5 cats and 2 dogs (and don't forget my fish, Chef), what happens to them should I not be able to take care of them is very important to me. I am going to look into a Pet Trust now that I know more about them.
Take care,
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