Pet Trusts Offer Peace of Mind

By NATASSIA DONOHUE

Hundreds of thousands of pets enter the shelter system, or worse, each year because their owners have died and did not have a plan for them. Creating a pet trust and including your pets in your estate plan today can save them from an undesirable situation if you can no longer care for them. The cost to set up a pet trust varies, but there are many options available that cost you very little now and still give you the peace of mind to know your pet will be safe.

A pet trust is a plan for your beloved animals should you become incapacitated or die before they do. Pet trust expert, animal advocate, lawyer, and author Peggy Hoyt, JD, MBA, BCS, partnered with Charleston Animal Society for a Donor Salon in January to explain the importance of estate planning with pets.

Hoyt is a renowned expert on the topic, and founded Animal Care Trust USA, a nonprofit organization that provides pet trust resources and long-term pet care options for pet parents. She is also the author of All My Kids Wear Fur Coats, written especially for the devoted pet lover who wants to make sure their pets are cared for, no matter what.

Pet Trusts Explained

So what exactly is a pet trust?

According to Hoyt, a pet trust is “a legal instrument designed to provide one or more pets with lifetime love and care.” Basically, as a pet parent you are able to create a specific care plan for your pet with detailed instructions, and dedicated caregivers and funding. All 50 states and the District of Columbia recognize trusts that are created with a pet as the beneficiary. This means that your pet will be protected and your care plan can be enforced to make sure that your pet will continue to be cared for during its lifetime.

Even if you have already included your pet in your estate plan, that might not be enough to fully protect them. Hoyt noted that you cannot legally leave money directly to your pet in your will, so when you are creating your estate plan and list your dog or cat as a beneficiary, eventually that will be disregarded and your pet’s share will most likely go to taxes or a person as determined by probate court.

And while you may leave money to a friend or family member in hopes they will continue to care for your pet, there is no way to enforce those wishes. With a pet trust, you will designate a pet trustee who can ensure that the funds in the trust are used solely for the purposes you intended them for — to give lifetime love and care to your pet!

Getting Your Pet Trust Set Up

These are important questions to answer, and here are a few things to think about when considering a pet trust:

• Work with a financial planner to consider directing assets such as life insurance, retirement, or investment accounts to your pet trust.

• You will need to designate a pet trustee to make sure your wishes for your pet are carried out.

• Think about your pets daily and longterm needs. What will their care look like? Do they have special needs?

• Write it down! Document your pets’ dietary, medical, and socialemotional needs.

Explore Pet Trust Options

Charleston Animal Society has created the Pet Safe Pet Trust program. Enrollment is easy! For more information you can visit CharlestonAnimalSociety. org/petsafe or contact Natassia Donohue, Associate Director of Donor Advising, at (843) 329-1558 or email ndonohue@ charlestonanimalsociety.org.