By Judge Irv CondonOur pets are very important fixtures in our lives.According to a recent Pew Research Survey, 97% of American pet owners consider their cat, dog, or other pet as a member of their family or their best friend.To thank your pet for their unconditional love you can give them the gift that keeps giving: a pet trust.
It is important to use an attorney for legal matters.What is a Pet Trust?A pet trust is a legally recognized arrangement put in writing that ensures your companion is financially supported and cared for after you pass away or if you become incapacitated.South Carolina law recognizes pet trusts.A pet trust generally involves three key individuals: the grantor, the animal caregiver, and the trustee.
The grantor, or settlor, is the person who establishes the trust; in other words, it is you, the pet owner.The animal caregiver is who you designate to replace you as the manager of your pet and its care.The trustee is the person who manages the trusts finances and who disburses the funds to the caregiver or others for items like food, shelter, toys, and veterinary care.A Pet Trust can be in your Will or SeparateA Will can have a provision creating your pet trust, or you can create a separate pet trust like a revocable trust.
Just leaving money in your Will to your pet individually may not accomplish your goals because pets are not legally classified as property and cannot directly inherit money.If you leave money in your Will to someone with the request that they care for your pet, care for your pet may not happen as you thought.The best way is a pet trust with detailed provisions which goes into effect immediately and is legally enforceable.What to Consider in your Pet TrustYour estate planning attorney will draft a trust with your specific instructions, such as your pets identification (e.g.
photos, your pets microchip number, or DNA samples); standard of care, such as grooming routines and veterinary services; succession plans, and medical preferences, such as end-of-life decisions for your beloved pet.Make sure to sufficiently fund the pet trust for your pets care.One way to do that is to determine the amount you spend in one year and multiply that by the years of your pets life expectancy.You will want to factor food, living arrangements, checkups, medications, and emergency medical care.I always say in my estate planning workshops that if your kids or grandkids are not calling you as they should, you can leave your money to your pet.
Jokes aside, you have the option to do as you wish for all you love including your pet.It is my honor to serve you as Probate Judge.Please call me at 843.958.5193 or email at [email protected] if I may help you.Please join one of my free estate planning workshops at www.charlestoncounty.gov/departments/probate/estate-planning.php.
Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Senior Savings Deals.
Publisher: Life Plan Community ( Read More )
Publisher: Life Plan Community ( Read More )
