Key Factors when designing a Pet Trust

Nominate a Trustee. Make sure this person is willing to serve in a fiduciary capacity for the benefit of the animal(s).  The Trustee may be an individual or corporate fiduciary.  The Trustee is in charge of the money.  The Trustee should be required to produce reports and complete information about the pet and expenditure of trust funds.

Designate a Caregiver. The Caregiver takes care of the pet with the money received from the Trustee.  The Caregiver should not be a remainder beneficiary of the Trust.

Appoint a Trust Protector. Connecticut law requires the appointment of a Trust Protector. This person would act as enforcer of the Trust.

Funding the Trust. This can happen now or it can happen upon the owner’s passing.

A Pet’s Standard of Living. You should compute the amount necessary to provide care, food, shelter, medical services.  The life expectancy of the pet should be considered as well as special care requirements, specific treatment, possible emergency care, and any other services to be provided (example: grooming, boarding, and/or walking).  Inflation and cost of living should also be included.  You might also consider providing funds for the purchase of pet insurance.

Designating a Beneficiary. Someone or some entity should be named to receive any remaining funds when the pet dies. Neither the Caregiver nor the Trustee should be named as beneficiaries.

Identifying the Pet. Pets covered in the Trust should be identified by microchip number, DNA profile, photographs or registration papers.

The Final Goodbye. A final disposition should be planned for the pet upon its death, including instructions for burial, cremation or memorial ceremony.