By creating a trust for your pet, you can fund his or her personal and medical care; take the financial burden off your pet’s caretaker and choose several persons who will care for your best friend if you or your first choice of caretaker is no longer able." --Warshaw, DiCarlo & Associates
On November 3rd, we held a Pet Trust Luncheon for members of our community. The event was generously sponsored by Cape Ann Savings Bank Trust and Financial Services and Warshaw, Di Carlo & Associates. The function room of the Gloucester House was filled with pet owners, eager to learn how to protect their pets in the event that they pass away or are otherwise unable to care for them. For those that were unable to attend, we hope this recap and linked resources are helpful to you as you make important decisions and plans for the future.
Unfortunately, most people do not make arrangements for their pets in their estate plan and as a result, Cape Ann Animal Aid is often asked to assume responsibility for pets when the owners of these animals are no longer capable of providing care. In fact, in 2017 alone, we took in 22 animals due to either declining health or death of the owner.
Attorneys George Warshaw and Noel DiCarlo of Warshaw, DiCarlo and Associates presented the case for considering the many legal mechanisms that can be used to ensure that your pet has both a caretaker and the funds available for their care.
They outlined important steps in preparing for your pet's care in the future and answered questions from attendees. One of the first steps is to name a caretaker and to make sure they are willing and able to take on your pet’s care. Relying on family and friends without making sure they have the ability and desire to care for your pets is not enough. They also encouraged you to name additional willing caretakers as back-ups should complications arise.
Next, it is important to provide sufficient funds to care for your pet during their lifetime. In Massachusetts, all of this can be done through a pet trust. George and Noel both emphasized that once the pet trust is set up, it should be revisited periodically to make sure it does not need to be updated.
The key take away from the event was that making sure your beloved pets will be taken care of when you can no longer take care of them yourself is important and the time to start the process is now.
For more information about setting up a pet trust, speak with your lawyer, or contact Warshaw, Dicarlo and Associates. Financial planning assistance is also available through local banks such as Cape Ann Financial and Trust Services, the generous presenting sponsor of the luncheon.
Resources and Links:
Pet Trust Information
(Warshaw, DiCarlo and Associates)
Travel/Home Away Pet Care Instructions
(Warshaw, DiCarlo and Associates)
Cape Ann Trust and Financial Services
Sandy Mitchell Circle of Friends Bequest Society
(Cape Ann Animal Aid)
If you missed the Pet Trust Luncheon, and are interested in attending a similar event in 2019, please email email@example.com to be notified of possible upcoming events.
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