Many California residents are dog lovers. Who can blame them? Dogs can be loyal, loving creatures who are often treated like members of the family. What will happen to these fur babies when their owners die or are no longer able to care for them? Believe it or not, pet trusts can be created so that animals continue to receive all that they need in such situations.
Why might one want to consider a pet trust? Being able to set specific instructions for funding pet care can give peace of mind. By handing over a pet to just anyone, along with a big chunk of change, there are no guarantees that the money will actually be used to provide for the pet.
What kind of trust is needed? Testamentary and/or inter vivos trusts can be created depending on what one is trying to accomplish. A testamentary trust is one that protects and provides for the pet after one passes away. An inter vivos trust makes sure a pet is provided for in the event of incapacitation or any other reason one is no longer able to care for his or her animal.
There are a lot of little details that must be tended to in order for pet trusts to be considered valid for the life of one's fur baby. This is where an estate planning attorney can prove to be an invaluable asset. With the right assistance, California residents can create pet trusts that truly protect and provide for their furry friends.
Source: investopedia.com, "Pet Trusts: Care For Your Pet After You're Dead", Lisa Smith, Accessed on July 13, 2017