A Bank That Offers a Savings Account for Your Pet?
April 13, 2009
What happens to a beloved pet if the owner unexpectedly dies? Unless a family member or a friend steps in, there may not be a good long-term solution for these pets. However, what if pet owners could set up an online savings account that earned interest and also served as a legal trust account for the benefit of their pet? This could be a very attractive bank promotion for devoted pet lovers. Umbrella Bank, a longtime leading online bank, is offering a service called a PetTrust Account - designed to help look after pets that have lost their owner. The PetTrust Plus Account lets you set aside money for your pet's care in a FDIC-insured savings account. Account owners sign trust documents which serve as legal papers for successor trustees of their pet if they should die. Pet owners choose the person that will act as the Trustee, who then manages the funds in the trust account after the owner dies or is incapicitated. The trust account from Umbrella Bank also lets pet owners easily change which pets are covered or reassign trustees if circumstances change. Funds deposited into a PetTrust Plus Account can also be easily withdrawn without penalty. The account does not offer the highest savings rate available (only 1%), but odds are that your pet will not complain. Before you consider opening an account, check with your tax advisor for any tax consequences of a pet trust account.
So will more banks introduce savings accounts for pets? Probably not. Truth be told, most people will probably find them pretty silly. But nearly everbody knows a person who is obsessed with their pet. The type of person who treats their pet as if it were a child. If you know such a person, forward this article to them - you might just make their day!
