Tuesday, August 9, 2016
Pet trusts are a way to care for your loving friends after you have passed. In an interview, Gerry W. Beyer sets out to explain exactly how to accomplish setting up a pet trust fund. Because pets are considered property in the United States, you cannot leave money directly to the animal in your estate planning documents; instead, you leave money in a trust, which dictates a caregiver and trustee to ensure the animals properly taken care of. In a traditional pet trust, you can detail how to provide care by specifying the expenses for the pet as opposed to a statutory pet trust, which is just a provision in a will. A traditional pet trust will create a legally enforceable obligation. When setting up a pet trust, some considerations include the type of animal, its life expectancy, and the type of care you wish the animal to have.
See Jules Suzdaltsev, Why Rich People Set Up Trust Funds for Their Pets, Vice, August 1, 2016.