PET TRUST / ANIMAL COMPANION TRUST
Over 72 million households own or care for at least one pet or companion animal. The vast majority of these animals are dogs and cats, but many households include birds, reptiles, and other exotic animals. In addition, in Colorado, many people own horses. Fortunately for us and our animals, in Colorado we can protect our pets in our estate plan with a Pet Trust / Animal Companion Trust.
People spend a great deal of time and energy planning for themselves and their human family in the event of their incapacity or death, but often fail to plan for their non-human companions. Pet Trusts / Companion Animal Trusts are authorized and legally enforceable under Colorado law. They are an estate planning tool that can be used by anyone.
With a Pet Trust / Companion Animal Trust, we create a legal document to provide for and protect the pet or companion animal. The trust can be set up as a separate trust, as part of a larger trust, or even be created in a person’s will. The person creating the trust designates the pet or animal to be cared for, and the trust will include provisions about the caretaker, how the animal will be cared for, the funds set aside for its ongoing care, the management and use of the funds, and what will happen with the animal’s remains and to any remaining funds when the animal dies.
Pet Trusts Are a Final Gift
A Pet or Animal Companion Trust is a final gift to our non-human family members. Having a trust can give the person creating it peace of mind knowing their pet will be taken care of. It helps provide for a happy life for the animals that have played such a large role in our lives.