In the US, pets are property by law - in other words, your beloved bundle of fur is treated the same way a fur coat would be under the law. Not a very nice thought is it? That means you cannot leave money to your cat or dog directly in your will, you have to do it through a pet trust.
Each state's laws are different but lawyers and courts are seeing more of these pet trusts, meaning that they are implemented in the way the pet guardian intended.
Some tips:
- use a lawyer - you don't want anything being unclear or a relative who feels hard done by somehow undoing the trust
- assign your pet to someone who has agreed to take on the pet once you are gone - the key point is that it shouldn't be a surprise when Fluffy shows up on his or her doorstep
- assign a different person to manage the trust on behalf of the pet. In other words, the person controlling the money should not be the person benefiting from the money.
- set it up as soon as possible. Death is never expected...
- provide instructions and enough money to cover all the care your pet will need for it's remaining lifetime: food; treats; accessories; boarding; day care; and of course, veterinary care (pet insurance works well here) - it can add up to quite a bit
- decide what to do with any money left in the trust after the pet has passed on
I'm not an expert by any means, so do your research to do it right.
