Your pet is an important member of your family. But in the eyes of probate law, pets are personal property, much like your car. That’s why you can’t leave money to your pet. You can mention your pet in your will, but there’s no guarantee your wishes will be followed. If want to ensure your companion is cared for after you’re gone, a pet trust could be just the solution. A pet trust is a legally enforceable arrangement providing for the care and maintenance of one or more companion animals. This is an important part of estate planning law that you can use to protect your pet after you are gone. When deciding if a pet trust is right for your family, consider the following information. Benefits of a Pet TrustIt’s a common misbelief that providing for your pets in a will is enough to guarantee their continued care. Remember, wills are for distributing property. Once that task is done, there’s generally no ongoing supervision. So if you make provisions for a beloved dog in your will, the person receiving your companion is under no obligation to keep or care for your dog. But with a pet trust, the trustee has a legal duty to carry out your instructions. There are many factors to consider when deciding if a pet trust is the right option for you including:
How a Pet Trust WorksA pet trust has many of the same features of other estate planning trusts. There is a grantor who creates the trust, and a trustee who holds the trust assets “in trust” for the benefit of the grantor’s pets. The terms of the trust can be as detailed as you wish, specifying preferences such as food or frequency of trips to the groomer. Typically, payments to a designated caregiver will be made on a regular basis. The trust can continue for the life of the pet, although some states place a 21-year cap on the trust’s duration. Depending on the laws of your state, the trust can continue for the life of your pet. Be aware that a few states terminate pet trusts after 21 years. This is an important consideration for long-living pets such as parrots. You will need to have the following information before you draft your pet trust. Select a TrusteeGenerally, a trustee can be any adult of sound mind, or an organization or institution such as a law office. Check with your state’s laws to determine specific requirements. Before you select your trustee, make sure to review the requirements of the job and understand what the cost, if any. It is a good idea to select an alternate trustee, even if your first trustee is an organization. Select a CaregiverDecide if your pets should go to one person or distributed to different people or organizations. Select at least two caregivers in case their circumstances change during your pet’s life. Discuss the terms of the trust with potential trustees before they agree to the position. Keep in touch with them over the years to remind them of their duties. Properly Identify Pet BeneficiariesYour pets can be identified by photos, licenses or microchips or by “class”. For example, “the pet(s) owned by you at the time of death/incapacitation.” Pet Care InstructionsInclude detailed information about your pet’s standard of care including frequency of vet and grooming visits, food preferences, sleeping arrangements, and exercise. Require inspections of the pet by the trustee. Determine what would trigger the pet being removed from the caregiver and identify the alternate caregiver. Determine Financial NeedIn addition to the cost of care for your pet(s), you’ll need to cover the cost of administering the trust. Determine how the funds will be distributed to the caregiver. End of Pet Life InstructionsConsider when to terminate your pet’s medical care when faced with a terminal illness. The decision to terminate can be a joint decision shared by the vet, the trustee and the caregiver. Remember to state how your companion will be handled upon passing. Remainder BeneficiarySelect a remainder beneficiary in case there is money remaining in the trust after your pet dies. The beneficiary can be a person or an organization. Free Consultation with a Pet Trust LawyerIf you are here, you may want a Pet Trust or you need help with a Pet Trust Administration in Utah.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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via Michael Anderson https://www.ascentlawfirm.com/pet-trust/
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Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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