Pet Trusts - FAQ

 

 

What happens to my animals if I die without a pet trust?

Under California law, animals are considered property and are subject to distribution like all other personal property. Without a plan, your companion animal may end up with a relative or in a shelter.

 

Is it possible to leave money to my pet upon my death?

No. Under California law, animals cannot inherit property. That is one important reason that many responsible pet owners establish pet trusts.

 

How much money do I need to fund my pet trust?

We can help you determine the amount after a consultation. These are some of the factors to be considered:

1. Number of pets and their ages;

2. The types of animals and their life expectancies;

3. The standard of care requested;

4. The need for potentially expensive medical treatment; and

5. Whether the trustee is to be compensated

 

Can I fund a pet trust with life insurance proceeds?

Absolutely. This is quite common and is easily accomplished in most situations.

 

Should I name an alternative caretaker?

Yes. At least one alternate should be named if at all possible.

 

What type of instructions should be included?

Some things to consider:

☐ Medical care including the preferred veterinarian

☐ Toys

☐ Food and diet

☐ Cages

☐ Daily exercise and routine

☐ Compensation, if any, for the caregiver

☐ Accounting requirements for the caregiver

☐ How the trustee is to monitor the caregiver

☐ Cremation, burial, memorial

 

Who should be the trustee for my pet trust?

A trusted individual who will monitor the caregiver and make certain that your pet is receiving the quality care he or she deserves. Another alternative is a corporate trustee. If you need assistance on selecting a corporate trustee, please contact us.

 

Does your firm offer estate planning services for people?

Of course. Please call us to help with a living trust, pour-over will and other ancillary documents required for a comprehensive estate plan.

 

Who should receive a copy of my pet trust?

The following;

☐ Your veterinarian

☐ The caregiver

☐ The trustee of the pet trust

 

What happens to the money remaining in my pet trust when my pet dies?

The money will be given to a Remainder Beneficiary who is generally someone other than the caregiver. Sometimes pet owners select a rescue organization or other charity as the Remainder Beneficiary.

 

How do I get started in forming a pet trust?

Start by completing the Pet Trust Data Form.