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What is a Pet Trust?

A Pet Trust is a trust that you can prepare for your pets(s) that specify how they will be cared for financially if you pass away or become incapacitated. You can prepare a Pet Trust separately from your regular Trust to provide for human heirs, or you can build a Pet Trust into your regular Trust that is intended to provide for human heirs.

How do you prepare a Pet Trust?

Under a Pet Trust, you can designate a trustee to manage your Pet Trust and a caretaker who will care for your pet(s). You can set aside money that will be used to provide for your pet(s) should you die or become incapacitated. You can also provide specific instructions with respect to the care of your pet(s) related to veterinary checkups, grooming costs, specific food options for your pet(s), and etc.

Conclusion

Because all 50 states and the District of Columbia now have laws allowing Pet Trusts, it may be a good idea to consider preparing a Pet Trust for your pets in order to prepare for a time that you may die or become incapacitated.

Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

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