Many people love the companionship of their pets -- especially in their golden years. However, there's always a chance that you will outlive your pet. If that happens, the people in your life may be unwilling or unable to care for the animal -- even if they agreed to previously.
For example, imagine this: Your sister agrees to care for your cats if anything happens to you. However, shortly after inheriting your cats, she finds out that her son is highly allergic to the cats -- to the point where it causes a hospital trip. Your plans -- and her plans -- for your cats just went out the window.
You may be able to get around such issues with a pet trust. Certainly, you want your pet to receive the same quality of care they received while you were alive -- and pets can be expensive. There are vet bills to consider, trips to the groomer, food and toys involved.
A pet trust allows you to set aside funds in your estate for your pet's care for the rest of their life. That way, you know that even if your initial plans fall through for some reason after you are gone, your pet will still be fairly easy to re-home. No one will need to refuse because of the added expense -- which is often why people can't take on a pet.
For more information on how to plan for all of the things that matter to you most after you're gone, contact an experienced attorney to discuss your estate plan.