Our firm recognizes that pets are family. If you would like to include a pet trust in your estate plan, our legal team can help. Continue reading to learn more and speak with one of our experienced California estate planning attorneys today.
What is the purpose of a pet trust in California?
It is important to understand what a trust is before discussing pet trusts. A trust is an agreement that permits a trustee to have responsibility for assets until the beneficiary inherits them. A trustor applies to the individual who creates a trust. The person who inherits the assets within the trust is referred to as a beneficiary. A trustee is a third party that manages the trust on behalf of the beneficiary.
In California, a pet trust is primarily used to allocate funds and any wishes on behalf of a pet. This can be done in several different ways. A pet trust can be made through a will, as a part of a revocable living trust, or a stand-alone trust. Furthermore, if you create a trust for your pet, the terms must be clearly expressed concerning the pet’s health care, veterinarians, burial, and how funds should be designated when the pet ultimately passes away.
It is in your best interest to reach out to our firm today to learn more about how you can create a pet trust. Our California estate planning attorneys are here for you each step of the way.
How do I begin the creation of a pet trust?
One of the most important first steps you will take in this process is choosing a trustee. In most instances, you will want to choose a trustee that is different from the person that has custodial responsibility. This is so that the trustee can handle the financial aspects of the trust while the other individual can serve as a guardian of the pet. No matter what you choose, you will want to ensure that your choices are made with your pet’s best interests in mind.
After you have picked the guardian and trustee, you will need to inform them of their duties. Once the appointed individuals acknowledge their duties, an official document can be drafted with an inter vivos trust or testamentary trust. Essentially, the use of this document gives an individual the ability to plan out the care they want their pets to receive. Once that occurs, the individual can put aside funds that will last the rest of the pet’s life.
With an experienced estate planning attorney on your side, can rest easy knowing that your pet’s interests will be protected once you are not around anymore. Do not wait to reach out to our firm today to retain the services of a qualified California estate planning attorney.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.