Illinois pet owners are allowed to set aside funds and name caretakers for their pets by establishing a trust specifically for the benefit of one or more pets. A Pet Trust allows the owner to provide for the pet’s care in case of the owners disability or death. In order to establish a Pet Trust, it is important to carefully consider the individual who will be named as trustee of such trust. The trustee’s responsibilities will include collection of the assets allocated to the trust, management and investment of the trust assets, payment of the debts and taxes and the distribution of the remaining trust assets to the designated beneficiaries as provided in the trust document. It is also important that the value of the assets allocated to a Pet Trust is a reasonable amount for the care of the pet or pets. An amount that is deemed to be excessive may be reduced by the court.
This is a valuable tool for Illinois residents who have pets that they wish to provide for in case of disability or death. If you fall into this category, make sure that your pet is provided for in your trust.