Estate Planning for Pets– Concerns about Family Pet Trusts

By | October 13, 2019

A pet trust is a legal entity you develop by creating a document that consists of specific and legally needed terms. If you utilize your Will to develop the trust, it will be developed after you die, though you can also produce a trust beyond a Will that becomes reliable right away. When produced, the trust owns property and utilizes it for the benefit of your animals.

Question 2: Who takes care of my pet after I die?
When you create a pet trust you call somebody to handle the trust, called a trustee, and an individual who will act as the pet’s caretaker, referred to as a recipient. When you pass away, it depends on the caregiver to take ownership of your family pet and guarantee she or he is properly looked after. The trustee, on the other hand, will keep track of the caregiver’s actions and guarantee the caretaker is fulfilling the terms you developed. The trustee will also give the caretaker payments that will allow the caregiver to spend for your family pet’s needs.

Question 3: Do I need to pay the trustee and the caregiver?
Trustees are entitled to get reasonable compensation for their actions in managing the trust, though some may accept manage the trust without settlement. It’s also typical to provide an affordable payment to the caretaker, though this too is not constantly required. Nevertheless, you must always detail payment terms when you develop the trust so there are no problems later on.