Your pet is always there for you. They cheer you up when you’re sad. They celebrate with you when you’re happy. And they never talk back or give you attitude. For many people, a pet is another family member – just with fur. If this sounds like your relationship with your pet, you may want to establish a Pet Trust to ensure your pet is well-cared for if you become incapacitated during your lifetime, or after your death.
A Pet Trust works the same way as a Revocable Living Trust, with a Trustee (or Trustees) and Beneficiary. The Trustee is a person who oversees the Trust administration. The Beneficiary is the pet’s caregiver. It’s generally best for the Trustee and the Beneficiary to be separate people to minimize the chances of self-dealing or other types of fraud. However, under certain circumstances, it may make sense to make the Trustee and Beneficiary the same person. Before your attorney establishes the Trust, it’s important to have a conversation with the proposed Beneficiary to make sure they feel comfortable taking on the responsibilities of caring for your pet. Similarly, being a Trustee is time-consuming and you will want to be sure that person has time to take on additional responsibilities as well. You may also consider listing back-up Trustees and caregivers in case something happens to your first choice, and they are no longer able to care for your pet.
If you have multiple pets, you can designate amounts placed in trust for each of your respective pets. These amounts can be uniform for each pet, or different based upon a specific pet’s needs. Your Pet Trust will exist until the last of your pets passes away. It should name all of the pets that you would like to include. It should also provide very specific care instructions for each pet to ensure that they are taken care of according to your wishes. This can include listing their favorite foods, favorite activities, where they should live (such as your first choice of boarding stable for horses or other large animals), what kind of toys they like, grooming needs, your first choice of veterinarian and animal hospital, etc. The terms you place in your Pet Trust are a guiding tool for your pet’s caregiver during their lifetime. You can also include provisions relating to whether your pet should be buried or cremated after their death.
You will need to fund the Pet Trust. To do so, you will need to determine the costs for the pet’s upkeep for the remainder of their expected life. This can include food, toys, veterinary care, medicine, grooming, housing, pet insurance, and burial or cremation expenses. While not required, many people provide a stipend to the caregiver and Trustee to thank them for their work in caring for your pet. You will also need to leave instructions about how any remaining funds should be distributed after your pet’s death.
Creating a Pet Trust can provide you with the peace of mind that your pet will have a loving caregiver and similar standard of living to what they have become accustomed. The attorneys at Huth, Pratt & Milhauser understand the special bond that you have with your pet and can create a legally-binding Pet Trust to protect your fur babies. Call us today to schedule an appointment and learn more.
Huth, Pratt & Milhauser
Huth, Pratt & Milhauser is a boutique law firm that offers a wide range of legal services in the specialty areas of Wills, Trusts, Estates, Probate, Guardianship, and related matters. The range of legal services that Huth, Pratt & Milhauser provides in these specialty areas includes planning, administration and litigation. The experience and skills of our attorneys and staff, coupled with our knowledge of applicable law, enable us to provide outstanding representation to our clients.
Although we are located in South Florida, we proudly serve clients throughout the country and around the world from our Boca Raton offices. We strive to provide superior and focused counsel in a timely manner and at a competitive price.
Huth, Pratt & Milhauser
2500 North Military Trail, Suite 460
Boca Raton, Florida 33431
Phone: 561-392-1800
www.hpmlawyers.com
2500 North Military Trail, Suite 460
Boca Raton, Florida 33431
Phone: 561-392-1800
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