What is a Pet Trust?
A pet trust us a legal agreement that provides for the car and maintenance of a pet in the events of a grantor’s disability or death. Usually, a trustee will have cash in a trust for the pet. The trustee can make payments to the pet’s caregiver on a regular basic, to make sure the pet’s needs are met.
What are the types if Pet Trusts?
There are two types of pet trusts. They are as follows:
Testamentary trust. This type of trust takes effect upon the pet’s owner’s death. The trust is created while the owner is alive and usually involves the assistance of an estate planning attorney. This type of trust can be found in your will and will outline certain things about your pet such as likes and dislikes, it’s needs, medical history, and any other information that is pertinent to the care and well-being of your pet.
Statutory trust. This type of trust, like the above-referenced trust, is also created when the owner is alive. It is called a statuary trust because it is included explicitly in the California Probate Code. This type of trust requires that a trustee honor and follow all the terms of how to care for your pet as explicitly states in the terms of the trust.
An experienced estate planning attorney could help you decide which type of trust is best for you. If you need assistance in setting up a pet trust, it is a good idea to consult with an experienced estate planning attorney in California who can guide you to a successful estate plan.
If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.
