We love our pets and enjoy their company. As loyal pet owners we’ll do everything in our power to ensure their happiness and wellbeing. And as part of our family, we know it’s important to plan for their care should something happen to us. Will they go to the right person? Will that person have the resources to pay for pet food, costly vet care, medications, and other expenses?

As harsh as it may seem, the law sees pets as personal property. AS such, you may want to make sure they’re protected. Thankfully, today there are Pet Trusts. This legal tool can protect your pet according to your wishes should you become incapacitated or pass away.

Pet trusts hold assets that can be used by a trustee to pay for and care for your pet. As the grantor (pet owner), you are able to outline specific instructions for how your pet should be cared for.

Establishing a pet trust is like creating a living trust for humans. Every state does recognize them, yet laws differ from state to state. Some states say that pet trusts expire when an animal reaches a certain age.

When developing a pet trust, it’s important to be as specific as possible and know your options. Keep in mind that there may be potential tax implications and that you may wish to consider it as part of your overall estate-planning strategy.