Tuesday, May 2, 2017
Pet trusts are now mainstream in the United States, but the concept is not commonplace in the United Kingdom. UK citizens are putting provisions for their pets care in their will, but they often tend to not be legally binding. Discretionary trust, on the other hand, allow the creator to set aside an amount of money for the trustee to care for the pet, and the trustee would ultimately be the beneficiary of the trust after the pet’s passing. The difference between pet trusts and discretionary trusts is that pet trusts have no human beneficiary. Trustees for pet trust are also held more accountable for how they spend the money left to the pet. Ultimately, whatever you choose, it is important to make specific plans for your pets after your passing.
See Marie Carter, Should We Set Up Legal Trusts for Our Pets?, Huff Post UK, July 10, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.