Our firm understands that pets are just another member of the family. As a result, if you would like to create a pet trust to protect your pet after you pass away, our PA trust attorneys can help. Give us a call today to get started.
What is the goal of a pet trust in Pennsylvania?
Before you dive into obtaining a pet trust, you will want to understand what a trust is. A trust is an agreement that allows a trustee to become liable for the assets within it until the beneficiary inherits them. A trustor refers 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 holds the trust on behalf of the beneficiary.
The state of Pennsylvania allows a pet trust to be used to distribute funds and any wishes on behalf of a pet. This can be achieved in several different ways. A pet trust can be constructed through a will, as a part of a revocable living trust, or a stand-alone trust. Keep in mind that if you choose to create a trust on behalf of your pet, the writing must be apparent regarding the pet’s health care, veterinarians, burial, and how funds should be allotted when the pet dies. If you would like to learn more about pet trusts in Pennsylvania, give our estate planning attorneys a call today.
How do I begin the creation of a pet trust?
To begin the process of creating a pet trust, you will first need to select a trustee. In most circumstances, it is more useful to choose a trustee that is different from the person that has custodial liability for the pet. This allows the trustee to manage the finances while the other person can serve as the guardian of the pet. When doing this, you will want to make sure that your choices are made in your pet’s best interest.
Once you have picked the guardian and trustee, you will need to make them conscious of their responsibilities. Once the appointed individuals affirm their duties, an official document can be prepared with an inter vivos trust or testamentary trust. Basically, the use of this document provides an individual with the ability to plan out the care they want their pets to receive. With this, an individual can assign enough funds for the rest of the pet’s life. Also, an individual may want to choose other trustees or guardians in an abundance of caution. If you hire an experienced estate planning attorney, you will be able to feel relaxed knowing your pet is in good hands when you are gone. Give our firm a call today.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. Contact Friedman Schuman today to schedule a consultation.