Pet Trusts?

The idea of pet trusts may sound ridiculous to the majority of us, yet wealthy and eccentric pet owners seem to heartily disagree. Since the year 2000, the popularity of pet trusts has gained ground, primarily because you cannot legally leave money to your pet, which is considered property itself under the law.

However, there are a couple of ways that people choose to set up pet trusts to leave Fido or Fluffy all their hard-earned cash in an indirect way. After all, pets can’t exactly pick up the phone to make money transfers or get to the vet themselves. Interesting enough, you can designate a caretaker for your pet and put aside money to be used for their care and expenses with a pet trust.

You can have a lawyer draft a free-standing trust, but use caution to choose an attorney with experience in pet trusts, as the execution of such trusts are net yet common. Another alternative is to prepare a Pet Protection Agreement online. Endorsed by the ASPCA, this paperwork is legitimate and far less costly than hiring a lawyer.

Both types of trusts can be executed if the owner is incapacitated during their lifetime, so they can rest assured that no matter what happens to them, their four-legged friend will be well cared for.

For more questions about affordable life insurance in Arizona for the humans in your life, contact the trained experts at Prutting Insurance Agency today.