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Creating a trust for your pets

Pets can be just as much a part of your family as anyone else. You love and care for your pet and they are a big part of your life. After you have passed on, you still want your pet taken care of and happy. Is there a way to do this?

In fact, there is. You can set up a trust for your furry friends. People create trusts for their loved ones, so why shouldn’t pets also be included in that group? However, you might not know how to go about creating a trust for a non-human being.

Here is a brief guide to creating a trust for your pet:

What is in a pet trust?

Pet trusts are actually very similar to other kinds of trusts. In a pet trust you will have to think about choosing a guardian for your pet. This can be a relative, friend or you can choose to send your pet to a humane society or rescue shelter. You can also include care instruction and even allocate funds to go to your pet after you die.

What are potential problems I might encounter?

As with any type of estate planning, there are a few difficulties some people may face in creating a pet trust.

The first is choosing a guardian. You want to choose the right person to care for your beloved pet, but you also need to make sure that person is willing to take on the responsibility. However, there are now a few different pet guardian companies that solve this problem. Forbes detailed what these programs are and the best way to choose one in this article.

You will also need to figure out how much money you want to go to your pet. There are also issues with estate taxes that may come into play with regard to your pet’s inheritance.

Protecting your loved ones after you no longer can is important. This includes your four-legged family members too. Creating a trust for your pets is possible and may be worth the time and effort to ensure your pet is happy and healthy for as long as possible.

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