The main reason a pet trust is so important is that our pets can be like family members and their ongoing care is vital in the event the pet owner passes away. The pet trust allows you to place a predetermined percentage of fixed dollar amount of money in trust for the care of your pet(s). Your Trustee will ensure that the care giver of your pet is fulfilling his or her duties and obligations and will also oversee the pet trust Trustee. After you die, the trustee of your pet trust will distribute your assets to the person that you have appointed to take care of your pet. The amount that you place into trust cannot be excessive but should be enough to fulfill the life of the pet(s). Most states have adopted certain laws that clearly allow pet trusts. A pet trust is written so that it will take effect when you die.
The main benefit of putting together a pet trust is the peace of mind of knowing that your pet(s) will be taken care of according to your wishes. A pet trust creates a legal responsibility for someone to take care of your pet according to what you describe in your trust. A pet trust provides accountability for the money that you leave behind for your pet and a pet trust will allow you to set up a plan for your pet. A pet trust is available in most states check with a local estate planner to find what pet trust is right for you and your estate needs.