The link is to a Wall Street Journal article explaining the increasing popularity of pet trusts. The idea is to have money set aside for an animal’s daily needs and medical care if it’s owner dies.
The cost of everything pet related including simple things like pet food has skyrocketed since 2008. It makes sense to be proactive when so many people consider their pets not mere possessions but family members.
I’m not normally a trendsetter but I DID set up a trust for my dogs in 2005, soon after I moved to Baraboo. My dogs were my kids, period. I used to tease my family that if they didn’t take care of them if something happened to me, I’d haunt them.
But then I realized I had to be the facilitator of that care.
My lawyer had not done a pet trust before, so he and I researched pet trusts. We communicated with other lawyers and judges and veterinarians who had written and ruled on these trusts and came up with a document outlining what I wanted. After the trust was set up and finalized I remember feeling very satisfied that my boys would be able to continue their life comfortably and wouldn’t be a financial burden to my family.
I’ve had clients over the years that I’ve discussed this with and they have set up trusts for their pets as well. I expect that my next dog will have his own trust too.
Of course this is what we call a first world problem. Many countries citizens don’t have the luxury of safety, good nutrition or health care themselves. I’m grateful to live in a country and at a time where we can make these decisions for our family be they two-legged or four-legged.