A pet trust is a legally enforceable document that provides for the care of domestic or pet animals, if and when the owner becomes incapacitated or dies. An effective pet trust will name a pet caregiver and impose a duty upon the trustee to manage and distribute the trust funds for the benefit of your pet(s). A pet trust can work in conjunction with your current estate planning documents or can be its own separate trust document. A pet trust can be in the form of a Living Trust (created during lifetime and takes effect immediately) or Testamentary Trust (created during your lifetime but does not take effect until death). Your estate plan may also include a pet power of attorney, durable powers of attorney for your pet's healthcare.
An integral component of your estate plan is to establish a Living Trust. While a Will or Testamentary Trust, is often less expensive than a living trust, it provides limited protection for your estate for numerous reasons. First, because a Will/Testamentary Trust only takes effect after your death, leaving your pets in limbo should you become incapacitated. Wills also need to be probated, meaning while your pet requires immediate care, the resources you allocated to provide this care can be tied up for months or even years. Also, any instructions pertaining to the standard of care for your pet are unenforceable in a Will. A pet trust ensures uninterrupted care for your pets by a caretaker of your choosing and with enforceable instructions on how your pet should be cared for. You can include preferences for veterinary care, farriers, boarding facilities, and other specifications to ensure your pet maintains a happy and healthy lifestyle in the event of incapacity or death.
Type: Legal Services
