Pets are considered part of any family, and setting up a pet trust for them is imperative. While having a pet trust might seem a little expensive, not every family member or friend will be willing to care for your pet in your absence. Failing to set up a proper plan can mean that your pet will not receive the required care and might end up in a shelter or somewhere worse.
Some jurisdictions might stipulate a funding threshold for your pet trust, which authorise the courts to minimise or redirect trust property found to be more than the purposed use as stated in the trust instrument. Therefore, consult with a licensed pet trust attorney or check your state's pet trust laws for more information. Here are three crucial reasons why you should consider a pet trust fund:
Creates a Legal Responsibility Towards Pet Care
A pet trust is a legally approbated agreement. All parties involved must strictly abide by its terms as the law stipulates. In the trust document, you can name a suitable individual responsible for enforcing the agreement terms in a court of law when necessary.
If the court determines that the trustee didn't honour the agreement terms, such as using the trust money on something else irrelevant to the pet, it can impose sanctions for the money to be returned to the pet owner's estate. Individuals found guilty might be liable to face harsh legal consequences.
Provides You with Peace of Mind
Setting up a pet trust guarantees that your pet will be entitled to proper care as specified in the trust document. You can choose to appoint a designated caretaker for your pet and note down comprehensive details regarding your ideal pet care process and instructions to be followed.
For instance, you can specify the number of annual vet check-ups, exercise activities and food types to be fed, among other things. A pet trust will guarantee that your pet will continue living the same happy life under the same conditions you offered, even in your absence.
Set Aside Funds for the Benefit of Your Pet
While it's impossible to leave behind property or assets directly to an animal, pet trusts help hold money to be used to the advantage of your pet. Based on your instructions, you can designate a caretaker and trustee responsible for caring for your pet and managing the trust funds. The trustee makes payments to the caretaker and ensures that the funds are spent on pet expenses.
When considering a pet trust, it'll be wise to work with a licensed attorney in your state for advice and information on the right processes to follow. They can provide further information regarding pet laws.Share
27 December 2021
Hello, my name is Sandra. I live with my two children in Eastern Australia. I have recently come through a very difficult divorce. My ex-partner used to drink too much and he wasn't a very good husband or father. The final straw was when I discovered he was having an affair. I filed for divorce the same day. I knew that getting divorced would be difficult but I didn't realise just how difficult. My husband did all he could to make it hard for me and the kids. Thankfully, I found a fantastic family lawyer who helped me through the entire process. I won custody of the kids and my husband has been asked to pay child support. I decided to start this blog to help others who are going through a divorce.