Pet Trusts Continued...

This evening I spoke to the Waunakee Lions club about general estate planning concepts. Afterward the presentation a gentleman asked a great question, one I have not been asked before. “What happens to the assets in a pet trust once the pet dies?” Great question. And the answer is, it depends. The money would be distributed according to how the grantors, the people who created the trust, specified. Most of my clients leave any unused funds to the pet’s caretaker. Another option would be to leave unused funds to an animal rescue organization or similar non-profit.