Your pet might be only part of your life; for him, you are his everything, the only person in his whole life. About 62 percent of all households in the United States have a pet, approximately 78.2 million dogs and 86.4 million cats are owned in the United States. (Source: APPA)
With a pet trust, you pick a trustee—a person who will manage the money you are funding the trust with, and a caregiver—this person will care for your pet. The trustee disperses funds to the caregiver, who will then use the money to care for the pet in the manner you have expressed in the trust. Many people wonder why they do not just leave money and instructions for pet caregiving in their will, rather than make a separate trust. The reason is because it can take a long time to process a will, and meanwhile your animals’ lives may be at risk if no steps are taken to care for them. Your beloved pet might end up in a shelter, or worse, euthanized.
It is recommended that one should place specifics into their trust—such as details on the type of care their animal should receive and an alternative pet care giver, should something happen to your primary pet guardian. Consult an estate planning attorney when creating a pet trust, as state laws on pet trusts differ.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?SM