May 7, 2015
The most reliable way to provide for a pet is through a traditional pet trust, says Gerry W. Beyer, a leading authority on the subject and a professor at the Texas Tech University School of Law. It's also the most expensive option. With a traditional trust, you name a caregiver to look after the pet and a trustee to monitor the caregiver and control the money you've left for the pet's care.
Traditional pet trusts are recognized in all 50 states, Beyer says, and they allow you to be very specific in describing the lifestyle you want for your pet, post-you.