Let's face it--we are a pet-obsessed society. We love cats, dogs, fish, birds and farm animals as much as family and friends. Saving money for the future is a common practice, and now we can save for a pet. Give yourself peace of mind and your lovable furry friend some life insurance. Here are some steps for starting a pet trust fund.
Instructions
1. Contact a pet lawyer. Yes, they are available. Most states have a handful of lawyers who specialize in services offered to pets and their owners. Search the Internet, check the Yellow Pages or for better results, ask a lawyer friend for a referral.
2. Seek out an estate planner or probate judge. If you are unable to find a pet lawyer, estate planners can work with you to incorporate a pet trust fund into your will.
3. Begin a pet trust by getting in touch with your pet insurance carrier. Many animal insurance companies are beginning to offer plans that work like trust funds. Similar to life insurance, money is released to a caregiver appointed by you to care for your pet after your death or incapacitation. PetGuardian, LLC offers great information on pet trusts on their website (see Resources below).
4. Talk to potential caregivers. A pet trust cannot be set up unless you have caregivers in mind. Trust funds will not be helpful to pets unless a human is around to purchase food and secure shelter.
5. Stop by your local humane society or animal shelter. Shelters have a wealth of information on pets and will surely be able to give you a few leads.
6. Determine the amount of money you are willing to spend to set up the trust and the amount of money you would like to leave in the trust. For example, a $40,000 trust might cost you $1,500-$2,000, while a $25,000 trust may only be $700.
Tags: amount money, life insurance, trust fund