What is a Pet Trust?

by Dr. Chris

November 8, 2010 A pet trust is a legal agreement to give care for a pet right after its owner passes away. A pet trust falls under trust law and is one solution for owners. Alternatives include honorary trusts, terms in a will, and conventional legal trusts.

Pet trusts state that in case of a grantor's incapability or demise a trustee holds property (cash, for instance) 'in trust' for the good of the grantor's pets. The 'grantor' (also known as a settler or trustor in certain states) is the one who makes the trust, which can take effect on an individual's entire life or at demise. Charges to a selected caregiver(s) will are done on a regular basis.

Pet Insurance

Pet insurance is actually indemnity protection that's made for unexpected situations. In the U.S., it falls within the casualty and property conditions of state insurance sections. The pet insurance companies that underwrite the policy should be accredited and accepted in a given state to do business, and the coverage should be filed and agreed upon by every state insurance department.

Policies and rates differ, based on aspects like age, size, and strain of pet; geographic area; past ailments and pre-existing health conditions; and program type chosen. Expenses vary from around $100 to $450 yearly per pet, with deductibles, co-payments, and unreimbursed costs paid by the insurance holder. (See: Affordable Pet Health Insurance) Some deals are thorough, like yearly checkups and shots, scheduled care, preventive medications, and spay/neuter operations; other plans only cover accidents and illnesses. Yearly deductibles average approximately $100.

To read more blog posts go here: Pet Insurance Blog

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