Setting Up A Trust For Your Pet
A wide variety of advantages can come from setting up a pet trust. Going over these advantages, and speaking with a lawyer regarding your situation, will allow you to determine if you should set up a trust for your pet.
What Is A Pet Trust?
Right before we go over what a pet trust is, we must go over what, exactly, a trust is. And, with that in mind, a trust is a legal relationship that allows a trustee to hold onto certain assets, so that they can be given to a particular individual, in the event that the one who created the trust passes away.
Just as an example, you can develop a trust that includes your house. And, when you pass away, the trustee you have appointed will give that trust to your chosen beneficiary, without the house needing to go through probate.
Given these facts, a pet trust is a legal relationship in which a trustee is given assets and instructions they must abide by, to ensure that the pet is taken care of, in the event that their owner passes away.
Just as an example, if you have a dog whom you love, then you can develop a pet trust that establishes a caretaker for that dog, as well as the funds they will need to take care of them.
Should You Set Up A Pet Trust?
The answer to this question is dependent on whether or not you think the advantages of setting up a pet trust make it worth doing so. And, with that in mind, the key advantages of setting up a pet trust are as follows:
- You can ensure that, if your chosen caretaker cannot take care of your pet, the court will appoint one
- You can ensure that your pet has a suitable caretaker, in the event of your death.
- You can ensure that your chosen caretaker has the funds they need to take care of your pet.
- You can ensure that your pet is able to keep their toys, bed, lease; as well as any other items.
Every single one of these advantages ensures that your pets are taken care of, in the event of your death. If this is important to you, and you anticipate your pet passing away after you, then setting up a pet trust is quite wise.
Can You Leave The Entirety Of Your Estate To Your Pet?
Within the state of Florida, the court is able to exercise discretion if they believe that the value of your estate – and, in turn, the assets that have been outlined within your trust – exceeds the needs of your pets.
Just as an example, if you leave $500,000 to your pets, and their caretaker, within a pet trust, the court may choose to distribute some of those funds to the other people outlined within your estate plan.
Given the facts outlined above, the answer is “No, you cannot leave the entirety of your estate to your pet.” But, you can leave some of your estate to your pet and their caretaker.
Speak With A Florida Estate Planning Lawyer Today
A pet trust will allow your pet to be taken care of, in the event that you pass away. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop an effective pet trust.