Pets are family, and we want to protect our family. We are here today to tell you about the benefits of a pet trust. We all love our pets and want the best for them. But have you thought about what might happen to your pet if you die before they do? On average, a dog can live 10-13 years, a cat can be with us from 12-18 years and a macaw parrot can live to be 50 years old. It is not surprising that our pet might outlive us.
You may assume your friends or family will take care of your pet, but that might not always happen. They might not be able (or willing) to care for your four-legged family member after you pass. Without a plan in place, your pet may end up at a shelter – or worse.
The Illinois pet trust act allows you to set provisions and funds to properly take care of your pet for the remainder of their life. And if you have multiple pets, the trust is valid until the final pet passes away.
With a pet trust, you name a beneficiary to care for your animal. This should be someone with whom you have discussed your wishes and will love your pet as much as you do. If the trust still has money in it after the pet passes away, you can assign the money to the person caring for the pet or donate to a society of your choice.
Some benefits of a pet trust are:
While it may not be often talked about, a pet trust is something that can be added to your estate plan. An experienced estate planning attorney can help you ensure your companion is taken care of after you’re gone.
Read here for some tips on estate planning for pets in Illinois.
Pets are faithful companions, and you want to ensure your pet is provided for when you can no longer care for them. It’s important to make legal arrangements to ensure your pet is properly cared for.
For help setting up a pet trust or for other estate planning assistance, contact us at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.