Who Should I Select To Act As Caretaker Of My Pet?
You should select someone who would show love for the pet, follow your instructions regarding the care of the pet, and put the pet’s best interest first. If the caretaker has pets of their own, then you would want to ensure that your pets would be compatible with them.
What Happens If The Trust Runs Out Of Funds Before My Pet Dies?
A trust that has no more assets will be terminated. At that point, it would be as if there had never been a trust to begin with, and the caregiver of the pets would be left to either care for them using their own resources, or find an alternative home for them.
What Happens If There Is Money Left In My Trust When My Pet Dies?
We generally put a residual clause in the trust that says where any leftover money should go. If there is a pet trust that doesn’t have a residual beneficiary, then the extra money would go to your heirs, meaning your nearest living relatives at that time. A lot of people will elect to have leftover money go to a charity that helps with pets and other animals.
What Happens If I Am Unable To Take Care Of My Pet Before I Die?
If you find yourself unable to take care of your pet before you die, it would benefit you to have already funded an inter vivos pet trust. That way, the funding of the care of the pet would take place as if you had already passed away. The caregiver would become the caregiver of the pet, and the trustee would manage the funds you set aside for the benefit of the pet.
When Is It The Best Time To Create A Pet Trust?
A pet trust can be created any time during which you have the mental capacity to make the necessary decisions. I always advise people against waiting until the last minute. If you create one as soon as possible, then it will be there whenever it is needed.
What Is The Process Of Creating A Pet Trust?
Creating a pet trust will involve meeting with an attorney and giving them all of the information that we’ve discussed, such as the description of your pets, the care instructions, who would serve as the trustee, and who would be the pet caregiver. It is important to note that there should be at least one or two successors named in case your first choices for trustee and caretaker are unable to fill those roles.
What Are Some Of The Legal Challenges To Pet Trusts?
If it’s a properly established pet trust, then there are really only two potential legal challenges. As mentioned, one of them may arise if you place an inappropriately large amount of money in the trust. In addition, if the trustee is not using the funds properly, then the residual beneficiaries could challenge the use of the funds and require an accounting. If it is true that the trustee misappropriated funds, then they could have that trustee dismissed and a new trustee appointed.
For more information on Selecting Caretaker Of A Pet In a Pet Trust, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (626) 385-6303 today.
