Trust Funds for Pets? Animal Lovers Say Yes
Whenever New York City voiceover actress Caryn Rosenthal went on vacation, leaving her paralyzed rescue dog, Jax, at home, she worried about who would tend to him if she died.
"There was something about flying, it started to concern me," Rosenthal tells PEOPLEPets.com. "I plan on outliving this dog, but what if something happened?"
She wanted to put her mind at ease, so that in the event of a worst-case scenario, 12-year-old Jax wouldn't be left stranded. Rosenthal started to do her research and found Frances Carlisle, an attorney who specializes in pet trusts. Rosenthal learned that she could set aside a certain amount of money in a trust fund.
Like trust funds for human family members, trust funds for pets can be set up in order to provide for the beneficiary's care when the pet owner dies. Arrangements can be made as to who will be the pet's new caretaker, as well as what the funds should handle for the rest of the animal's life.
Funds range between $30,000 to $100,000, according to Carlisle, and the money is normally dispersed each month. Most people leave the caregiver a commission for making sure their animal is cared for properly.
"It is important for people to start thinking about a plan for their animals," says Carlisle, who herself has a trust fund set up for her four cats. "I have had clients pass away and usually it works out very well."
And for Rosenthal, she is now at ease."It is not like I'm rolling in the dough," she says, "but for my own peace of mind, I just had to do it."
Would you set up a trust fund for your pets? Tell us your thoughts in the comments below.