Should You Provide For Your Animal Friends Through Your Will Or A Trust?
Despite what the most search engine optimized content, and more recently, the most chatbot optimized content, will tell you, trusts are not a cloak of invisibility to stop the IRS, your estranged spouse, or your ungrateful children from ruining your fun. When most people create trusts, it is because they want to give money or other assets to the beneficiaries, but they do not want the beneficiaries to receive everything at once. Often, the beneficiaries are unable to receive money on their own behalf, and in some cases, they never will be able to receive it. For example, some people establish trusts for the benefit of their minor children. The trust instrument might have a provision whereby, when the youngest beneficiary turns 21, the trust dissolves, and the beneficiaries, who are now adults, receive the remaining trust assets. People also establish trusts for family members with disabilities; when the assets, other than a modest stipend, remain in the trust, the beneficiary also remains eligible for public benefits. Only humans can be beneficiaries of wills or trusts, but you can use your estate plan to provide for the care of your pets after you are gone. For help pampering your pets from beyond the grave, contact a Tampa estate planning lawyer.
When a Friend or Relative Inherits Your Pets
Even though they are like friends and family to you, the law considers domestic animals property. If you want a family member or friend to adopt your pets after you die, you should name this person as a beneficiary of your will and the pets as the property that he or she will inherit. Before you do this, you should ensure that the person is willing to adopt the pets and that the pets can live with the beneficiary in his or her home; no one, not even the biggest animal lover, wants a surprise inheritance of animals. It is also a good idea to will the beneficiary some money for the inherited pets’ expenses.
When Do You Need a Trust to Ensure Care for Your Pets?
If there is no one who can formally adopt your pets, or if you want them to continue living in your house after you die, you should place the house in a trust. The trust should also own enough money to pay for food and veterinary expenses for the pets for the rest of their lives. Calculate this by assuming that you will die tomorrow and the pets will live to the high end of the expected lifespan for their species or breed. German shepherds only live about ten years, but cockatoos can live 70 years. Also transfer money to the trust to pay the salary of the person or people who will provide hands-on care for the pets and the house.
Contact David Toback About Making Wise Decisions About Your Pets’ Long-Term Future
A Central Florida probate lawyer can help you provide for your animal friends in a will or a trust. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
businessinsider.com/trouble-leona-helmsley-dog-died-2011-6
