or Connect
TheCatSite.com › Forums › General Forums › The Cat Lounge › Pet trust - I'm finally going to do it!
New Posts  All Forums:Forum Nav:

Pet trust - I'm finally going to do it!

post #1 of 8
Thread Starter 
I've been reading about, considering, and cogitating over the possibility to having a trust for my cats for the past two or three years. (Yes, a pet trust is legal in my state, but it isn't in all.) Well, I've just come from the first meeting with the attorney, and I've decided I'm going to do it. As we looked at the rest of my situation, I didn't really need a living trust for anything else. In addition, just leaving a large sum of money to take care of the cats' expenses to the individual I've named in my will to take the cats makes me feel totally comfortable as I trust her completely, even though she likely would be unable to keep the cats herself. (Our agreement is that she would find homes for the cats and reimburse the new caregivers for selected expenses.) And since she is a lot younger than me, the chances are great that she'd be around long enough and healthy enough to carry it out.

The problem with just leaving adequate money in the will, though, was that there really wouldn't be any way to make sure that my desires would be carried out in the event of my permanent disability. No money would pass to my friend until my death, so she'd have no money to provide reimbursement for veterinary expenses; thus the chances of finding homes for my older cats with expensive health problems would be next to nil. With a trust, I can direct that money be available for these expenses right away. So I've decided to go ahead, even though (YIKES!) my attorney advised me that it will likely cost about $1000 more to set things up in a trust than to do a will and the other legal documents I had in mind.

I had absolutely no idea who I could list as alternate to take my cats, place them, and serve as trustee over the funds for my cats' support if my friend (a vet tech) couldn't do it. But it just so happens that my attorney is married to the president of the local Progressive Animal Welfare organization and he will check with her about the possibility of that organization serving as alternate. (Okay, I admit I knew he was married to the president of PAWS and that is one reason I chose him. I thought if any local attorney would be knowledgeable about and supportive of pet trusts, it would be him.)

I'm not wealthy, but I have no children of my own. And my stepchildren, step grandchildren, siblings, nieces and nephews are all adults. So, though I'll still be leaving more to my human heirs than to my furbabies after I sell this house, . . .

post #2 of 8
hey that sounds great!

i bet its a big relief to you,knowing they will be looked after,if.......

they are very luck to have such a secure future.....good on you
post #3 of 8
Thread Starter 
I can see the headline in the local paper now in the event of my death or disability, "Rich little moggies seek new home." To the uninitiated, it might seem like they were rich. But the costs really add up when one has cats that have any health problems. The vet tech added it up - I spent over $2000 at the vet's office last year for my three. And that didn't include any surgery. Only one of the cats had serious problems, too, and that didn't start until toward the end of the year.

But you are right. I do feel somewhat relieved that I'm getting things put together. I'll be 83 by the time Sheba is 20, so there is the very real possibility that she could outlive me. And knowing me, if the other two go first, I may have a hard time resisting taking in another if I can possibly still do it physically or financially.
post #4 of 8
I think that's a great idea. Your furbabies are obviously well cared for!
I'm worried about what would happen to our furbabies if me & my husband died. We don't have good family we could trust and our cat loving friends are allergic.
post #5 of 8
That is a great idea. Too bad there isn't someone who can say they will take the kits, but at least you know they will be cared for. Good for you in going through the process, rather than just thinking about it.
post #6 of 8
I need to be doing this myself. My best friend, who had always agreed to take my babies for me in the event anything happened to me, was diagnosed with aggressive lymphoma in October, and is undergoing chemotherapy now.
post #7 of 8
Thread Starter 
Originally Posted by pushylady
I'm worried about what would happen to our furbabies if me & my husband died. We don't have good family we could trust and our cat loving friends are allergic.
I don't have family I could trust, either. In fact, I was concerned that one of my relatives might decide she didn't want to share the inheritance with the cats and might have them PTS. So I came up with a provision in the will which reads something like this, "Furthermore, if any person who may be entitled to any benefit under this will causes one or more of my cats to be euthanized or otherwise causes their death without veterinary records which indicate a condition causing serious quality of life issues, the benefits to which such person would have been entitled shall also cease and said benefits be distributed to (an organization which supports a cause in which the individual I'm worried about does not believe)."

Of course, a really malicious person could get around that by giving a cat poison or causing an "accident" which might warrant euthanasia, I suppose, but I think the possibility of being caught and losing their portion of the estate would be a detriment to that. Besides, I think that would be too "messy" for the individual I'm concerned about.
post #8 of 8
That's a wonderful idea - I wish something like that were possible here. Jamie is supposed to go back to the rescue organization if anything happens to me (and my husband).
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: The Cat Lounge
TheCatSite.com › Forums › General Forums › The Cat Lounge › Pet trust - I'm finally going to do it!