When a person in Colorado Springs starts developing an estate plan, they may initially think of what assets they want to pass down to their spouse, children and other loved ones. However, they may not initially think of what will happen to their pets if they pass away before their pet does. Our furry friends need protection in such times, so those undergoing the estate planning process will also want to address how they want their pet cared for if their pet outlives them.
One option is to execute a pet trust. In a pet trust, a person selects a trustee to care for the pet and funds are allocated specifically for the pet's care. This way, the funds are being left to a human trustee (it generally is not possible to leave funds to a pet directly in a will or trust). It is important that the person you are selecting as the trustee is willing and able to care for your pet before executing such a trust.