Pet Trust

Some people cannot afford to put aside significant money for their pets at the moment they create their Pet Trust. In these circumstances, people sometimes choose to fund their Pet Trust by leaving an inheritance in their Will or Living Trust to the Pet Trust. Some people also choose to make their Pet Trust the beneficiary of a life insurance policy, so that a reasonable amount of their life insurance proceeds go into their Pet Trust if their pet outlives them.

The Bloomwell step-by-step process accommodates people who choose these options. You can read more about these funding options in some of the other answers below.

Yes. You will have full control over your Pet Trust and the trust property until you are incapacitated or deceased. You can also cancel your Pet Trust at any time and for any reason, and in that event the funds/money will go back to you.

If you should die or become incapacitated, the person you have chosen to be your trustee is appointed to take over management of the Pet Trust and the pet caretaker is appointed to begin caring for your pet(s). If you cease being incapacitated, then you can resume control over the Pet Trust, your pets, and the trust property.

Since pets are treated as property, they can become another item of property subject to lengthy legal proceedings. This is rarely in the best interest of the pet. You avoid this problem and further protect your pet by having them owned by one person. Bloomwell provides the option for you to transfer ownership of the pet to one person.

Pets have complex personalities, including certain fears and habits. The more information you can provide within the Pet Trust, the better. You should let the future pet caretaker know your pets’ personalities, their likes and dislikes, and their habits so that the caretaker can provide robust and informed care for your particular pets. Every pet is different, so providing detailed information is helpful.

The simplest way is to write a check to “[Your Name], as trustee for the [Your Name] Pet Trust”, and then mention on the memo/note line “Contribution to the [Your Name] Pet Trust”.

If you are also funding your Pet Trust through a Will or Trust, it would be as provided in those documents. For life insurance policies, you can name your trustee, in trust, as the beneficiary. Consult your insurance agent about the best way to name them, as it is important that you get the wording right.

It is also possible to use retirement funds and plans, annuities and other such arrangements that allow the naming of a beneficiary. As the requirements for these vary, you should consult your broker, banker, or lawyer about how to properly name the trustee as a beneficiary.

The successor trustee’s main responsibility is to pay out the funds of the Pet Trust as directed, oversee the finances of the Pet Trust, and check that the pet guardian is fulfilling his or her responsibilities. If possible, you should pick someone that you know shares your appreciation for your pet(s), is able to manage finances, and can oversee the pet caretaker.

The pet caretaker is a very important person, as he or she will live with and care for your pet(s) on a day-to-day basis.

If you are including your spouse or partner in your Pet Trust, he or she will take care of your pet(s). Once they are unable to care for the pet(s), then the pet caretaker will assume responsibility.

Some things to consider when selecting a pet caretaker are:

- sharing your appreciation of your pet(s);

- being a good person that will provide the love your pet(s) need;

- their ability to provide a good home environment for your pet(s); and

- being a responsible person that can provide consistent care and handle any emergencies should they arise.

While the chance of having a pet die due to air travel in the cargo/pet hold is statistically very small, it is always best to be careful.

Short-snouted dogs and short-faced cats have the most issues when traveling by air in the plane’s cargo/animal hold. For dogs, these short-snouted breeds include bulldog breeds (all breeds, English, French and American), Pugs, boxers, Boston Terriers, Pekingese, Lhasa Apsos, Shih Tzus, and Mastiffs. For cats, these include breeds such as Persians. It is generally thought that these pets have a greater difficulty regulating their heat through their noses and the temperature changes that may occur in the plane’s cargo/animal hold. A good number of airlines no longer allow such breeds to fly, and they have put a so-called “bulldog embargo” in place.

Many owners now travel with their pets in the cabin, if possible. While airline restrictions vary, the general requirements are that the pet must weigh less than 20 pounds and be within a pet container that is small enough to fit underneath the seat without blocking any aisles.

As a result of these concerns, there are many speciality pet ground and air travel companies that transport the pet with particular accommodations (person being present, careful temperature regulation).

A pet necropsy can help determine the cause of death of your pet. A veterinary pathologist reviews samples from the pet and looks for poisons, pathogens, diseases, physical trauma and the like. The necropsy helps make sure that the pet did not die due to unfortunate circumstances. This information is reviewed by the successor trustee, and informs his or her oversight of the pet caretaker.