Pet Estate Planning - 3 Questions the Pet Trust
May 23, 2012 By Law Office of Michael Robinson, P.C.
A pet trust is a trust you create specifically to provide for the care of your pets after you die. The trust is typically created when you include specific trust creating provisions in your last will and testament though you can also create one that will take effect when you are still alive.
The trust provisions state what property should be transferred to create the trust, the person who will manage the trust—known as a trustee—as well as the person who will actually care for the pet as a the caregiver/beneficiary.
Question 2: Who will care for my pet?
You can select whom you want to serve as caregiver and name that person, as well as alternates, in your last will and testament. You can also give the trustee the authority to select a caregiver that he or she thinks can best care for your pet.
Question 3: How does it all work?
Once you create a pet trust, the caregiver usually takes possession of your pet or does so once you are no longer able to provide care. The trustee who manages the trust will ensure that the caregiver receives regular payments from the trust that will allow the caregiver to pay for the pet’s needs. You may also want to give the caregiver a small salary or monthly stipend as an incentive. The trustee is also typically entitled to receive a reasonable payment for his or her services. Talk to your attorney about creating a pet trust that addresses all the important issues.
ABOUT THE AUTHOR: Michael Robinson
Experienced estate planning attorneys Naples NY of the Law Office of Michael Robinson P.C. offers estate planning and business planning resources to residents of Naples NY.
Copyright Law Office of Michael Robinson, P.C.
More information about Law Office of Michael Robinson, P.C.
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: Who will care for my pet?
You can select whom you want to serve as caregiver and name that person, as well as alternates, in your last will and testament. You can also give the trustee the authority to select a caregiver that he or she thinks can best care for your pet.
Question 3: How does it all work?
Once you create a pet trust, the caregiver usually takes possession of your pet or does so once you are no longer able to provide care. The trustee who manages the trust will ensure that the caregiver receives regular payments from the trust that will allow the caregiver to pay for the pet’s needs. You may also want to give the caregiver a small salary or monthly stipend as an incentive. The trustee is also typically entitled to receive a reasonable payment for his or her services. Talk to your attorney about creating a pet trust that addresses all the important issues.
ABOUT THE AUTHOR: Michael Robinson
Experienced estate planning attorneys Naples NY of the Law Office of Michael Robinson P.C. offers estate planning and business planning resources to residents of Naples NY.
Copyright Law Office of Michael Robinson, P.C.
More information about Law Office of Michael Robinson, P.C.
View all articles published by Law Office of Michael Robinson, P.C.
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.
