Generally, a “Pet Trust” refers to an arrangement whereby a caretaker is designated for a pet and funds are left to pay for the pet's care. If you do not wish to leave caretaking funds to a caretaker, then the use of a trust is usually not necessary.
Of course, an animal cannot be a beneficiary of a traditional trust for a number of reasons, not the least of which is the simple fact that it cannot bring its own case to enforce the trust before a court. Nonetheless, the term pet trust increasingly appears in legal and non-legal literature without much explanation.
In a growing number of states, special statutes have been enacted to impose an enforceable “pet trust” by allowing virtually any third party designated by the terms of the trust or a court to compel a caretaker-trustee to use the caretaking funds solely for the benefit of your pet. Florida has a statute specifically addressing pet trusts so you can be certain your beloved family member will be cared for after your death.
For a more detailed discussion of the law of pet trusts, the pet trust statutes, or sample language for such trusts, Contact Vicki J. Bowers.
For great articles about your pet please visit:
|
