Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Oct 16, 2017

What About Bam (Or Fido)?

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

In past articles, I have stressed the importance of having a plan and reviewing that plan on a regular basis.
 
That has and will always be my advice. I have discussed various aspects of what should be included in the plan, who should be included, how often to review, what types of documents should be included, etc.
 
One thing, however, that I have not covered yet is a subject near and dear to my heart - our pets. 
 
What happens to our furry, feathered or scaly friends when we pass?  With the recent hurricane activity we’ve seen, this has certainly been an issue in the forefront of many people’s minds.
 
So, how can we make sure that they are properly taken care of? There are several ways. Pet trusts is one of those ways. All 50 states (except Minnesota) now recognize pet trusts and allow owners to set aside funds for the care of their fur babies. 
 
In most states there are limitations placed on these trusts such as:

  • Amount of funds
  • Life of pet
  • 21 years
  • Whichever comes first
Like a regular trust, these plans typically name a trustee to oversee the trust, that funds are invested properly, and distributions are made for the benefit of the pet.
 
The agreement would also name a caregiver to provide for the physical well-being of the animals.
 
So how do you go about establishing this plan?
  • Create a basic budget. How much does it normally cost to take care of your pet on an annual basis, including unexpected vet bills?
  • Decide who you would want to care for them and make sure to discuss it with that person(s) to ensure they are willing and able to take on the responsibility
  • Decide who should handle the funds since it should be someone different than the caregiver, for obvious reasons
  • Consider leaving a certain amount to the caregiver. However, for their time and efforts on your behalf and that of your beloved babe.
  • Ensure that the caregiver is fully aware of any medical needs, feeding habits veterinarian name/location, favorite toys/food and any other quirks specific to Fluffy that would be helpful in making the transition that comes with your passing
  • Decide what happens with any funds that are leftover when Fido goes to that big fire hydrant in the sky. Do they go the way of the remainder of your estate?To an animal-related charity? Either way, it should be spelled out in the agreement.
If your sweet little companion is as close to you as mine are, then you know that, when the time comes, the loss will hit them as hard as it does any human. 
 
Unfortunately, we don’t know how animals view death, but we do know that they understand loss and separation, so anything that can be done to minimize the stress on everyone involved is worth the effort. 
 
As always, if you would like more information on this subject, or any other discussed in our articles, please feel free to contact one of our advisors here at ONST.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends.  The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics.  Readers should be aware that the facts may vary depending upon individual circumstances.  The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely. 

Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.  


 

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Cfss headshots parker robert webversion 21422121214

The Latest Solar Scams and What You Can Do to Help Stop Them

Robert Parker - Cape Fear Solar Systems
Chris 16239425

‘Creative,’ An Adjective To Describe Your Accountant?!

Chris Capone - Capone & Associates

Trending News

New Hotel Proposed Along Market Street In Ogden

Emma Dill - Mar 15, 2024

Businesses Reopen A Week After Grace Street Facade Collapse

Emma Dill - Mar 15, 2024

Tech Upskilling Cohort To Host First Wilmington Class

Audrey Elsberry - Mar 15, 2024

In The Current Issue

Berries, A Battlefield And More In Pender

The N.C. Blueberry Festival, founded in 2003, is one of several events in Pender County that have drawn more attention over the years....


Topsail-area Realtors Share Updates

Pender County Realtors recently shared updates about the coastal market at an event hosted by the Wilmington-Cape Fear Home Builders Associa...


Expanding Tastes On Castle Street

As John Willse and Beth Guertin, owners of Wilmington Wine bottle shop and now the recently opened Creative Tastings restaurant on Castle St...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments