Estate Planning for Animals-- Concerns about Family Pet Trusts
A pet trust is a legal entity you produce by creating a document that consists of particular and lawfully required terms. If you use your Will to establish the trust, it will be developed after you die, though you can also create a trust outside of a Will that ends up being effective immediately. When produced, the trust owns property and uses it for the advantage of your family pets.
Concern 2: Who looks after my pet after I die?
When you create a pet trust you call someone to manage the trust, called a trustee, and an individual who will act as the family pet’s caregiver, referred to as a beneficiary. When you pass away, it is up to the caretaker to take ownership of your family pet and guarantee he or she is correctly cared for. The trustee, on the other hand, will monitor the caregiver’s actions and make sure the caregiver is satisfying the terms you developed. The trustee will likewise provide the caregiver payments that will enable 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 receive reasonable payment for their actions in managing the trust, though some may concur to handle the trust without settlement. It’s likewise typical to provide a reasonable payment to the caretaker, though this too is not always necessary. However, you need to always detail compensation terms when you produce the trust so there are no issues later on.