Pet trusts: How to plan for your pet’s future after you’re gone

El Paso News

We make wills and create trusts funds which include our families. However, you can actually include your pet in those documents to make sure they are cared for when you are gone. 

A pet trust can be set up through a will or trust at any age. Both Texas and New Mexico have laws that allow for pet trusts to be made for any type of pet.

Every pet trust needs to have a caregiver and a trustee. The caregiver is caring for the pet and the trustee takes care of the financial part. If you decide to create a trust fund you will have to decide how much money you plan to leave and how that money will be used.

“Sometimes I set up these trusts for people who have a large number of animals or they really care about their pets I’ve set up a number of pet trusts for horses that they have encouraged a lot of expenses,” said Las Cruces Attorney Alan Gluth.

An organization in Las Cruces is trying to bring awareness to pet trusts so that you can have a plan for your pet. Action Programs for Animals is an animal rescue that has now launched a planned giving program, making it easy to plan for your pet’s future.

“If you have an animal a pet that you love dearly and you’re worried about their future after you pass, APA can make accommodation for those animals,” said Cassandra Lockwood a volunteer with Action Programs for Animals.

You can also help with animal rescue efforts as part of your will or trust. Charitable planned giving refers to the process of making a charitable gift of estate assets to one or more nonprofit organizations, a gift that requires consideration and planning within a donor’s overall estate plan. They also can take care of your animals after you pass away. You can speak about these options with your financial advisor.

Also remember, without proper planning, your pets could end up in a shelter after your gone. Instead of with people you trust and with the proper funds to live out the rest of their life. 

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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