PET CARE TRUSTS

Guardianship and Pet Protection Trusts

William Roberts Lindsay never visited Scotland, but fell in love with the land of his ancestors because of the 1954 movie “Brigadoon.” The retired investor, who lived as a recluse in the Nevada desert, shot himself in November and left his entire estate – valued at around $4 million – to the National Trust for Scotland, which he had donated another $4 million to approximately 18 months prior to his death.

According to a news report, Lindsay had only two friends in his life: a pet pug and his barber, Elton Marvin. He left the pug to Mr. Marvin, along with some dog treats and food as well as a vet bill – but left no money for the pug’s care. Mr. Marvin was quoted as saying, “I love the dog, but so far it’s cost me about $300. The folks in Scotland are doing all right.”

Millions of Americans have pets and the popularity of pet trusts has never been greater. Had Mr. Lindsay established a pet trust for the care of his beloved pug Midget, Mr. Marvin would not have been left with the burden of caring for the animal – a burden that may eventually cause him to seek other arrangements for the pet’s care.

An estate planner can help establish a pet trust for the care and guardianship of any animals that my outlive their owners. Contact your estate planner to learn more about pet trusts and the variety of financial instruments available for funding your pet trust.