Which is better - an Inter Vivos or Testamentary Pet Trust?

When you set up a pet trust, there are two different types of trusts that you can choose from. You can either choose an intervivos or testamentary trust. Here are the basics of both and which one would be best for you.

Inter Vivos Trust

An inter vivos trust is also known as a living trust. This is a trust that you set up while you are still alive. This means that you are going to fund the accounts that are going to pay for the care of your pet and set everything up in advance.

Testamentary Trust

The other option that you have is to set up a testamentary trust. With this type of trust, it is going to be set up after you die. Therefore, you will make the provisions for the trust as part of your will and other estate planning. However, you are not actually going to oversee the funding of the accounts or anything else.

Which Is Best?

Both the intervivos and testamentary pet trust can get the job done. However, when you utilize an intervivos trust, you will be able to oversee everything while you are still alive. With a testamentary trust, you have to interest the process to your executor.

Inter-Vivos Trust

An inter-vivos trust is a type of trust that you set up yourself. This is opposed to the type of trust that is not actually set up until after your death; you only make the necessary provisions for the creation of that type of trust. By utilizing an inter-vivos trust, however, you can oversee the entire process yourself. This means that you will be able to make every decision that has to do with the trust and you will be able to revise it if you deem it necessary. This gives you more control over the trust process.