Who Will Watch Over My Pet After I'm Gone? 3 Questions about Pet Trusts
May 4, 2012 By Byrd Garrett PLLC
A pet owner who creates a pet trust ensures that his or her pet will be cared for after the owner dies. A pet trust is a legal entity that owns property for the benefit of your pet. You create this trust by detailing what you want to trust to do after you die and include those terms in your last will and testament or living trust, or by creating the trust to take effect while you are still alive.
You must be able to transfer ownership of at least some of your property to the trust so the trust can use that property to pay for the expenses involved in caring for your pet.
Question 2: How do they work?
When you create a pet trust, you choose a trustee who manages the trust property, as well as a caregiver who is responsible for caring for your petit is up to the trustee to give the caregiver trust funds in accordance with the terms you established. The caregiver must then use the funds to pay for the pet’s expenses.
Question 3: Isn't all this expensive?
Not really. Creating the trust itself is not very expensive and is not very difficult as long as you're sure to include the proper terms. However, you may have to provide for paying the trustee, and most pet trusts give the caregiver a small fee for their efforts in caring for your pet. Once the pet dies, any property that remains in the trust can then get transferred to a new owner as long as you make that clear in the trust terms.
ABOUT THE AUTHOR: Geoff Garrett
Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and business planning resources to residents of Seattle WA.
Copyright Byrd Garrett PLLC
More information about Byrd Garrett PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Question 2: How do they work?
When you create a pet trust, you choose a trustee who manages the trust property, as well as a caregiver who is responsible for caring for your petit is up to the trustee to give the caregiver trust funds in accordance with the terms you established. The caregiver must then use the funds to pay for the pet’s expenses.
Question 3: Isn't all this expensive?
Not really. Creating the trust itself is not very expensive and is not very difficult as long as you're sure to include the proper terms. However, you may have to provide for paying the trustee, and most pet trusts give the caregiver a small fee for their efforts in caring for your pet. Once the pet dies, any property that remains in the trust can then get transferred to a new owner as long as you make that clear in the trust terms.
ABOUT THE AUTHOR: Geoff Garrett
Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and business planning resources to residents of Seattle WA.
Copyright Byrd Garrett PLLC
More information about Byrd Garrett PLLC
View all articles published by Byrd Garrett PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
