Caring For Your Furry Friends Through Pet Trusts
Part of estate planning is thinking about how you would like to provide for your loved ones after you have passed away. For many people, this means making provisions for their spouses, children, and yes, pets as well. Fortunately, through pet trusts, a pet owner can provide for the care and maintenance of their pet should they pass while still in possession of it.
Pet trusts are legal in many states, including Florida. When a person creates a pet trust, he or she generally funds the trust with assets designed to cover the cost of caring for the pet. The trust will name a trustee and that person carries out the terms of the trust. For instance, a trustee might be required to make regular payments for the care and maintenance of a pet to the person who has assumed ownership of the pet.
It it is important to make sure to include all of the necessary details when drafting a pet trust. These details include items like the name of the trustee, the name of the caregiver, detailed information identifying the pet, instruction on how you would like the pet to be cared for and instruction on how the trust will be funded.
You can be as specific as you want in providing for detailed care instructions, but be careful, as trusts that are too heavily funded are often deemed “excessive” and invalidated, at least in part. In other words, don’t leave a million dollars for your dog.
For assistance with setting up a pet trust or any other type of estate plan, contact the estate attorneys at BaumannKangas Estate Law. in Florida.