What happens to your pets if you can no longer care for them? In this week’s Speaking of Animals podcast, attorney Courtney Kilbourne Hayes of Coastline Legal Team joined Amy Carotenuto to talk about setting up pet trusts.

A pet trust becomes active immediately upon the owner’s death or incapacitation without any waiting period or delay. The grantor (pet owner) can designate a trustee to handle financial matters and a caregiver to take care of the pet(s). Resources are used exclusively for the benefit of the animal(s), thanks to the pet trust. Budgets should be between $5,000 and $15,000, according to Hayes, and grantors (pet owners) should allocate the funding based on their pets’ lifespan, health condition, lifestyle, diet, and other factors.

To ensure equitable distribution, proper pet care, and the prevention of conflicts, Hayes emphasized the importance of checks and balances and suggested that the trustee and the caregiver be assigned to different parties. Backup plans are also recommended to reduce the unpredictability of the situation following the owner’s death.

Setting up a pet trust is becoming increasingly accessible and familiar. Pet owners do their best to ensure that their pets will not end up in shelters, fall into the wrong hands, or be left in a legal limbo.

To hear the whole discussion, watch this week’s episode of Speaking of Animals.