All pet owners need a plan of care in case something happens. Have you considered who will take care of your pet if you die or become incapacitated? It's time to put it in writing, get everything organized and make it legally official. At NC Pet Trust we have an easy and affordable process to do just that and provide you with peace of mind.
You may consider your pet part of the family, but the law considers animals as personal property and treats them as such during probate. For this reason, you cannot leave money directly to your pet, nor should you leave it to your designated caregiver without proper instructions for use.
Three Primary Options:
Do Nothing and Hope for the Best. Obviously, this is not the route we recommend because that leaves your pet unattended and no money to fund its future care.
Add Pet Trust Language to Your Will. This strategy is better than option 1, but take note that there is a lapse of time between your death and your executor actually handing the probate matter through the court system. It could be months before your caretaker receives any funds. This method also does not plan for incapacity. If you become injured or sick and can no longer take care of your pet, there is no proper plan in place for this scenario. The will only applies after you actually pass away.
Create a NC Pet Trust. This is by far the best option. It's affordable and offers a streamlined solution for your pet's care and the funding needed to provide for your pet both after the owner's death and in the case of the owner's incapacity (or simply no longer being physically or emotionally able to provide day-to-day care for the pet - whether temporary or permanent).
A pet trust gives you the most latitude in spelling out how your pet should be cared for, including the type of food it requires, how often it should be groomed and when to seek veterinary care. At NC Pet Trust, we offer two options depending on your budget- a fund now version and a fund later version.
Let's compare them:
What about funding your pet trust with life insurance?
This is certainly an option for after-death funding, but you will still need to make some provisions like those mentioned above for the scenario of your incapacity. If you have an exotic animal, horses or some other type of pet that requires a substantial amount of money to provide for its care, then using a life insurance policy may be an excellent financial strategy.
Term life insurance will cover you for a designated number of years. You weigh out the factors of your potential life span, your pet's potential life span and the cost of the premiums. Once you select the appropriate policy, then instruct your insurance agent to name the pet trust you created as the beneficiary of the life insurance policy. This allows those funds to flow directly into the pet trust when you die and become immediately available for your trustee to distribute to your caretaker based on the terms of the pet trust.
Ready to choose option 3? Create a NC Pet Trust for your pet. Get started now and know that this affordable and easy process will provide you peace of mind knowing that you have properly planned for your pet's care.
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