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Estate Planning: Pet Trusts Assure Proper Care for Fluffy and Rex
California, along with several other states, now allow their citizens to create pet trusts which allows a person -- should they pass away -- the ability to dictate how their animal is cared for.
October 06, 2011 /Law and Legal PR News/ -- Estate Planning: Pet Trusts Assure Proper Care for Fluffy and Rex
Traditional estate planning involves properly documenting a person's wishes and how to transfer property or other assets to beneficiaries. People draft wills and health care directives, consider tax consequences, and allow someone to act as power of attorney.
Many factors must be addressed as people contemplate carrying out their final aspirations -- including caring for a person or a family's beloved pet. California, along with several other states, now permits their citizens to create pet trusts, which allows a person -- should they pass away -- the ability to dictate how their animal is cared for.
Pet Trusts Become More Popular
Mary Randolph, author of "Every Dog's Legal Guide: A Must Have Book for Your Owner," notes that pet trusts are catching on because people are valuing their pets not as property, but as loving members of their family. People want to make sure the animals are properly cared for when they are no longer around.
Benefits of a Pet Trust
Many owners make informal arrangements with a friend or family member to care for their pet(s), but this strategy has inherent risks. The person assuming care is under no legal responsibility to care for an animal according to the owner's wishes. This is why pet trusts are so beneficial: a designated trustee ensures a pet's health and well-being by monitoring its care.
More specific benefits of pet trusts include:
-Owner's cannot leave money directly to an animal as the law views them as property, but a pet trust allows owners to designate money for an animal's care
-Subsequent beneficiaries can be named in case the original can no longer care for the pet
-A person can state their wishes with specificity regarding the care of their animal
Creating a Pet Trust
Trusts are legal documents. As such, anyone wishing to create a pet trust should speak with an experienced estate planning attorney. Doing so ensures the trust's enforceability and provides an owner peace of mind knowing that ALL of their loved ones will be cared for when they are gone.
Article provided by Bezaire Ledwitz and Associates APC
Visit us at www.familylegacylaw.com
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