A wonderful thing about estate planning is that you have many options for achieving your goals. These days, for a lot of people, a comprehensive estate plan includes providing for pets.
Whether you're a breeder or you just love your pet endlessly, a pet trust could be an important part of your estate plan. In fact, Louisiana enacted a pet trust law in 2015. A pet trust protects your furry friend from harm after you are gone. For example, a pet trust can ensure that your cat or dog will not go to a shelter, and that enough funds are available to provide for the pet's needs.
How does a pet trust work?
You can create a pet trust that will begin benefiting your pet at the time of your death or incapacity. A trusted person can be appointed to receive and care for your pet, and this person can access the trust assets.
For example, you might leave $4,000 in a trust for your pet's medical bills, food and other needs, and you might leave another $2,000 as a payment to the caregiver. It's up to you to determine how much you want to leave for your pet's care.
How long does a pet trust last?
Typically, in Louisiana, a pet trust terminates upon the death of the animal. The trust can benefit your pet during your lifetime and after. The important part is to be sure the trust is properly created and funded.
For more on related estate planning matters, please see our overview of Louisiana wills and trusts.