Pet Trusts in Illinois: What Are They and Why Are They Essential?

 Posted on May 25, 2022 in Estate Planning

People have been trusting their pets with their lives for centuries. With modernization, it is only natural that people would start trusting their pets with their money as well. - Anonymous

Pet trusts are essential for pet owners in Illinois because they provide a way to ensure that pets receive the care and attention they need when the owner passes. These trusts can be set up to provide for the care of one or more pets, as well as provide money for veterinary bills and other expenses. A trust can also help to ensure that a pet's remains are handled in a humane way if he or she dies.

Overall, the main benefit to having a pet trust is to ensure that your pet receives the care and treatment they deserve when you're no longer able to do so.

How Do You Set Up a Pet Trust?

A pet trust is a legal arrangement in which a person (the "trustee") is appointed to manage money or property for the benefit of a pet. The Illinois Trust and Trustees Act indicates that the terms of the trust should specify the trustee's responsibility for care for the pet and how the costs of care will be paid. The trust can also specify how any remaining assets in the trust will be distributed after the pet's death.

A pet trust may also have a secondary trustee in case the original trustee is unable or later becomes unwilling to serve.

Who Can Be a Trustee?

In the state of Illinois, a trustee is someone who is appointed to manage the property of another person or organization. The trustee may be a family member, friend, or professional fiduciary. The trustee must act in the best interests trust and must exercise due care, skill, and caution in managing the trust property.

What Can Be Included in a Pet Trust?

Assets that can be included in a pet trust include cash, stocks, and real estate. The trust can also be used to purchase insurance policies that will provide money to cover the cost of caring for the pet.

What Happens to a Pet if the Owner Dies Without a Pet Trust?

If the owner of a pet dies without leaving a pet trust, the fate of the pet is likely to be determined by a court. In many cases, however, the pet will be transferred to a willing family member or friend of the deceased. If no one is willing or able to take care of the pet, the animal may be placed in a shelter or euthanized.

Why Get Started With Your Pet Trust Right Away?

There are a number of reasons why it is imperative to have a pet trust in place. First, many people do not have anyone they can rely on to take care of their pets after they die. A pet trust ensures that your pets will be taken care of properly, even if you do not have any family or friends who can help out.

Second, without a pet trust in place, the courts may decide what happens to your pets. This could mean that they are sent to a shelter or put up for adoption, which may not be what you would have wanted.

By setting up a pet trust, you can ensure that your pet will be taken care of even if something happens to you. To learn more, you can speak to the Glenview trusts attorney at The Livingston Law Office, LLC.

The Livingston Law Office, LLC

In conclusion, pet trusts are a vital part of estate planning for pet owners in Illinois. By creating a pet trust, you can ensure that your pet is taken care of after you're gone. If you are an Illinois resident and have a pet, be sure to talk to an Illinois estate planning attorney at The Livingston Law Office, LLC about setting up a pet trust.