Pet Trusts
A Pet Trust is an estate planning technique you can use to make sure your pet is looked after when you die or if you become disabled.
Through the use of the Pet Trust, you, the owner, give your pet enough money or other property to a trusted person or organization (the"Trustee") who is under a legal duty to make arrangements for the proper care of your pet according to your instructions. The Trustee will deliver your pet to your designated caregiver (the "beneficiary") and then use the property you transferred to the trust to pay for your pet's expenses.
Depending on the type of pet trust you set up, you can choose to fund the trust with direct transfers of currently available money or property, life insurance, (which "creates" property when you die), payable on death accounts, annuities, retirement plans, or other types of contracts.
How much money or property you need to fund your pet trust depends on many factors: the type of animal, the animal's life expectancy, the standard of living you wish to provide for the animal, the possibility of expensive medical treatment, and whether the trustee and care-taker is to be paid for his or her services. You might also want to include funds for boarding, grooming, and the like.
No matter the size of your estate, you should avoid transferring an unreasonably large amount of funds to your pet trust. Such a gift might encourage your other beneficiaries and heirs to contest the gift and could be reduced by the Court if deemed an unreasonable amount.
The selection of the caregiver for your pet is one of the most important decisions in this process. You want to select someone who is willing to take on the responsibilities of taking care of your pet and has the ability to provide a stable home for your pet.
Be sure to leave specific instructions in your pet trust regarding the care of your pet. You may want to provide instructions on food, daily routines, exercise, grooming, socialization, and medical care. It is also a good idea to state your wishes concerning the disposition of the pet's remains.
If you think a pet trust is right for you, please consult my office for a free consultation. Our pets are members of our families. They are an important part of our overall estate plans.
"Men have forgotten this truth...But you must not forget it. You become responsible , forever, for what you have tamed." Antoine de Saint Exupery, The Little Prince.
See Attorney Simms at:
http://www.myfoxorlando.com/dpp/news/080311-pet-heirs