It is common for a pet to feel like just another family member. Because of this, the state of Pennsylvania permits individuals to create a pet trust. Read on to learn more and reach out to our dedicated Montgomery, County PA trust attorneys.
What purpose does a trust serve?
It is critical to recognize the objective of a standard trust before looking to obtain a pet trust. A trust is an agreement that permits a trustee to become liable for the assets within it until the beneficiary inherits them. A trustor refers to the person 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 for the beneficiary.
Pet trusts can be utilized to assign funds and any wishes on behalf of a pet. This can be performed in a number of different ways. A pet trust can be made through a will, as a part of a revocable living trust, or a stand-alone trust. You will need to identify that if you decide to build a trust on behalf of your pet, the writing must be clear about the pet’s health care, veterinarians, burial, and how funds should be assigned when the pet dies.
Contact our firm today to examine pet trusts further with a reliable estate planning attorney.
How does a process work for creating a pet trust?
To begin the process of creating a pet trust, you will want to pick a trustee. In most instances, it is more helpful to choose a trustee that is unlike 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 ensure your choices are made with your pet’s best interest at heart.
Once you have chosen the guardian and trustee, you will need to inform them of their duties. Once the appointed individuals explain their duties, an official document can be crafted with an inter vivos trust or testamentary trust. Essentially, the use of this document provides an individual with the ability to schedule out the care they want their pets to obtain. With this, a person can allocate enough funds for the rest of the pet’s life. Additionally, an individual may want to pick other trustees or guardians to be safe.
If you have a skilled estate planning attorney on your side, you will be able to feel relaxed knowing your pet is in good hands when you are gone. Give us a call today to learn more.
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