What's the difference between a Pet Protection Agreement® and a Pet Trust?
If a pet owner plans to leave a substantial amount of money for the care of pets or believes that family members may put up a fight, then a formal stand-alone pet trust can be a good option. Statutory pet trusts can be created through a Last Will, but they often include only basic, limited provisions.
|Documents||Statutory Pet Trust (Created by Last Will)||Pet Trust (Formal Stand-Alone)||PET PROTECTION AGREEMENT|
|Legal in all states||No||Yes||Yes|
|Affordable, can be created without an attorney||Not usually||No||Yes|
|Enforceable during Pet Owner's lifetime||No||Yes||Yes|
|Binding care instructions||No||Yes||Yes|
|Service, Medical providers & Community of care||No||Yes||Yes|
|Keeps pets together||Not always||Yes||Yes|
|Signed by Pet Guardian so as to confirm agreement||No||Yes||Yes|
|Can be created without trust funds||Yes||No||Yes|
|Any funds must be used for pets||Not always||Yes||Yes|