If you have pets, you probably want to make sure they are well-taken care of, if anything happens to you. Unfortunately, wishing for their good fortune isn’t enough. Too many animals are abandoned when their owners die and face rehoming, life in an animal shelter, or worse.
To make sure your furry friend is taken care of when you become incapacitated or upon your death, you can leave assets for their care and custody. The best way to leave your faithful companion assets is to set up a pet trust.
With a pet trust, you can create certain rules for how the trust’s funds can be used. You can name a trustee—the person who will control and manage the funds—and a caregiver for your pet. By having a trustee manage the funds, you can be ensured the caregiver will only benefit from them if they are used according to the rules of the trust.
Another way people leave money and instructions for the care of their pets is with a will. But wills cannot ensure the funds are used in the way you want them to be, nor do they ensure the caregiver will care for your pet. A person who is left a pet in a will can turn around and leave the pet at a shelter and pocket the money left to them for their own use instead.
Leaving your pet assets is easy with a pet trust. But trust creation can be complicated, and working with a lawyer to develop the terms of the trust is highly recommended.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.