How can you include your pets in your estate plan?

When you draft a pet trust, the person you name as trustee will hold whatever funds or property you designate to be used solely for the care of your pet.

Advantages to a pet trust

A pet trust allows you to provide funds specifically to cover administrative costs in addition to the funds used specifically for your pet. In a pet trust, you can also specify regular inspections of your pet, describe the standard of care and living your pet will be required to have, and also properly identify your pet to avoid fraud. If your pet should pass away before the funds in the trust are exhausted, you can designate a remainder beneficiary who will inherit whatever is leftover.