Sometimes, our pets are like our family. They are our best friends, there are always eager to see us, and they are a part of our family since their birth most of the time. The thought may pop into your head:
In NC, this worry is very common and a law was created to support and address this concern: N.C. Gen. Stat. § 36C-4-408
A "Pet Trust," also known as a "Animal Care Trust," allows for the pet owner to set up the means to care for their pet (dog, cat, snake, bird, lizard, fish, turtle, guinea pig, rabbit, chicken, rats, hamster, horse, etc.), throughout the pets lifetime and then whatever remains from the trust, can be directed to someone else or a charity.
A close friend or family member are ideal people to appoint for administering the trust funds.
A Pet Trust can cover all of the following:
In North Carolina, a pet trust can be set up affordably and be set up in many different ways. The most ideal way is the set it up while alive, so you know all of the details on how the pet will be cared for after your passing.
Contact an estate attorney to review your assets, liabilities, and overall retirement plan. The estate attorney can explain the process, assist with creating the trust, they may act as your trustee or help in trustee selection, and explain insurance policies and your ultimate goals.
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