A Pet Trust
Estate Planning Attorney Joseph Hudack knows that you can establish a pet trust in your will, as a component of a revocable living trust, or as a separate trust. It’s crucial to remember when choosing a trustee that they could not always be the same person who will be caring for the animal. Due to this, you must be very explicit when establishing the pet trust and include instructions for the animal’s health care, veterinarians, burial, and how any remaining assets should be divided after the pet’s eventual death.
How is a Trust for Pets Created?
Selecting a trustee is the first stage in setting up a pet trust. The ideal option is to appoint one trustee to oversee the finances and a different guardian to look after the pet. This enables two people to take care of one another and guarantee that everything is carried out in line with your wishes. Since you want to make sure your pet is in a loving home when you are unable to provide for them yourself, this is not always an easy choice.
Once the trustee and guardian have been chosen, make sure they are aware of their duties. After that, you must decide whether to use a testamentary trust or an inter vivos trust when drafting the official paperwork. You must decide the level of care your pets will require in this document. This includes setting up enough money for the pet’s remaining years. Just in case, you might also want to choose a substitute trustee or guardian. In the end, speaking with an experienced pet trust lawyer can help you achieve the serenity you seek, knowing your dogs will have a loving home when you are gone.
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