In the estate planning world, you often hear about trusts and how they can be used to seamlessly leave money to your loved ones. Pet trusts, on the other hand, work in a very similar way.
If you're worried that your pets may outlive you, you can create a trust that will provide for them until they pass away.
Many pet owners feel that their pets are truly part of the family. Just as you would add family members to your will or trust fund, you can create pet trusts to ensure your furbabies will have a good life even after you pass away.
A pet trust is a legal document that designates money and instruction for the care of one or more animals. It's important to specify which animals and how many of them, to ensure that your wishes are carried out properly.
Trusts can be established for any animal. Dogs and cats are popular ones, but horses, reptiles, and other unorthodox pets can also receive trust funds.
Pet trusts will fund all of your pet's care, from food and medical care to toys. If you are concerned about your pet being taken care of, creating a trust fund can ease those fears and set up legally enforceable care for them.
When you create trust with human beneficiaries, you're simply setting aside the money for them to inherit. Whereas for your pets, you must also find a caregiver and give detailed instructions for their care.
The caregiver will be responsible for everything from feeding to taking the animals to the veterinarian. This person will access the trust to pay for your animal's needs and to fund it, you must estimate the amount of money needed to care for your pets.
You'll need to calculate your pet's likely expenses over its lifespan. This will include food, toys, grooming, visits to the vet, and any equipment needed to keep them healthy. You may also want to add funds for an emergency.
You, as the pet owner, may also want to give detailed instructions. If your pet is allergic to something, for example, you can note that. You can also write down their favorite brand of food, favorite toys, and how they like to sleep.
If there are funds left over in the trust, you can designate a beneficiary to receive them. This might be a family member, a friend, or even a charity.
When you want to create an Orange County pet trust, it's important to work with an experienced attorney who will write a clear, enforceable document.
We specialize in estate law, and we help our clients make arrangements for their deaths. We understand how important it is to account for beloved pets, and we'll make sure they get the care they need.
To learn more, contact us at 949-867-4818 at Parker Law Offices today!