An Introduction to Pet Trusts

In February of 2010, famous British fashion designer Alexander McQueen passed away in an apparent suicide. His will was recently released to the public, and one thing stood out: he left $82,000 for his pets!

Now, $82,000 is definitely not the norm for setting up a Pet Trust (although I've seen reports of people leaving up to $12 million for a single dog), but you need to keep in mind that for many people their pets are the same as family to them, and their pets deserve the best care they can get even after their owners pass away.

If you're one of those people that want to make sure your pets do not suffer in the event you pass away, a Pet Trust may be the right choice for you!

Some of the great advantages of setting up a Pet Trust:
  • You choose who takes care of your pet(s) (the beneficiary)
  • You choose what type of care you pet(s) should receive
  • You choose what kinds of expenses should be covered by the Pet Trust
  • You choose what happens if the beneficiary can not take care of your pet(s) any longer
  • You choose what should happen when your pet passes away

Like most things, a Pet Trust cannot be fully explained in a short blog post such as this one, but if you would like to learn more about Pet Trusts or have any questions, contact us. Have a great day everybody.