There is no doubt that pets bring joy and happiness to the lives of their owners. Whether a dog, cat, horse, monkey, tortoise, snake, or fish; all pet owners love their pets and have formed a special bond together over the years. Although a difficult subject to approach, have you ever thought about what will happen to your pets when you can no longer care for them? Who will pay for them? Who will provide them with the same care you have?
The common thinking is that a close friend or family member who knows the pet will step in to provide care, but depending on who is available to take action when the time comes it may be a burden to that person financially or just in their life circumstance. We have all heard stories of celebrities leaving their estate to a beloved cat or dog, but does that actually work? The answer is, yes!
The California Probate Code specifically allows for the creation and administration of Pet Trusts under §15212, and the requirements are quite simple. The money you set aside for the pet, in a pet trust under the provisions of a trust or will, must be held for use by the personal representative or trustee exclusively for the care of that pet until the animal is no longer living. When the trust terminates, any funds remaining will be distributed as directed by the creator of the trust or under the residual clause of the creator’s estate plan.
Of course, your Pet Trust will only be a part of your larger estate plan, but they are still a component to highly consider. There are many other decisions to make regarding the end of life and the disposition of your property when the time eventually comes. We at Tresp Law, APC can help with every facet of estate planning, from Wills and Revocable Trusts, Powers of Attorney for Health Care and Financial purposes, and Special Needs or Pet Trusts. We can advise you on the best practices for establishing your life insurance, retirement plans, and asset titling to ensure your estate will be distributed to your exact requirements continuing your legacy for years to come.
Call Tresp Law, APC today to schedule your consultation and begin planning for your future. We now offer face-to-face consultations utilizing video conferencing technologies such as FaceTime, Duo, and Zoom.
