As you work on your last will and testament in Illinois, you may have already included your pet. Instructions such as what kind of food to give it, who should care for it and when it should be taken to the vet are all important.
But once the probate process is over and your pet is with its new guardian, can you be sure that he or she will always follow the instructions left in your will exactly? What if your pet’s new guardian runs out of money or has to move to a climate unsuitable for your animal?
Tie up loose ends with a pet trust
A pet trust may be a better option if you want to have true peace of mind. According to the American Society for the Prevention of Cruelty to animals, you can specify all of the details mentioned above in a pet trust.
But why go with a pet trust instead of just writing your pet into your will? The answer is that with a pet trust, you can set aside funds that are legally required to be used only in providing care for your animal. In fact, all of the conditions stipulated in a pet trust are legally binding.
Finding the right trustee and caregiver
When you create a pet trust, you name a trustee and a caregiver. You can also choose backups for both of these roles. The trustee needs to be someone who can properly manage the trust, while the caregiver must be able to satisfy your pet’s needs.
You can also designate a remainder beneficiary in case your pet dies before the funds in the trust are exhausted, so you can know your money will go where you want it to go.