The Origin of Pet Trust Laws
February 22nd, 2011 Filed under: Trusts attorney — Estate Planning Author
A pet trust is a legal arrangement which provides care for a pet in the event the pet owner becomes disabled or passes away. With this type of trust trust, the pet owner can designate a trustee and caregiver for their pets as well as provide documentation concerning the living standards, medical issues, nutritional requirements, grooming instructions, and arrangements for the eventual burial or cremation of the animal. By putting such information in a legal document, the pet owner can be sure that their furry friend will be cared for according to their instructions.
Why create a pet trust? Many people think of their pets as members of the family. And since these same people take the proper legal steps to provide for the care and future of their human family members, it’s not unusual that they would want to protect their dogs and cats too.
In fact, providing for your pet’s future after you’re gone is not a new concept. Prior to the creation of the pet trust laws, pet owners became frustrated when they made arrangements to leave money to care for their animals in the event of disability or death. Before these laws were enacted, such arrangements were considered unacceptable because the animal was considered to be personal property and as such, cannot legally own property.
But starting in the 1990′s, states began to implement pet trust laws. Currently, not all 50 states have laws on their books pertaining to pet trusts; however, the majority of states do, and more states are passing laws each year. With the implementation of such laws, owners were allowed to create trust funds for their animals just as they did for their family.
It’s also important to note the laws will vary from state to state and owners wishing to set up this type of trust should consult an attorney who focuses on pet trust law.
For example, some states consider the trust to last for the duration of the life of the pet; other states consider the trust to last for a period of 21 years. The life span of a dog or cat is less than 21 years; however, the life span of a horse or parrot can be longer than 21 years.
If a pet owner lives in a state that currently does not have enforceable pet trust laws, estate lawyers or financial planners can assist in the creation of a legally enforceable document that provides for your pet in the same manner as the trust.
Within the trust, the pet owner can designate the individual or corporation of their choice to become the trustee (the individual who is responsible for overseeing the trust) and the caregiver (the individual who is responsible for caring for the pet).
With the creation of a pet trust, the pet owner can be assured that their beloved pet will be cared for when they are no longer able to do so.
EasyPetPlanning.com was created by the founders of The American Academy of Estate Planning Attorneys http://aaepa.com, a national organization promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research, educational materials, and other vital practice management techniques. To learn more about pet trusts laws, visit our website.
