For owners of animal companions, it is a genuine concern that the animal companion be well taken care of for the rest of its life.
A ‘pet trusts’ a generic term and is applied to a trust that provides for your animal companion. Our firm has expertise in drafting trusts that meet all of the legal requirements necessary to care of a animal companion after its owner has passed away.
Most trusts for the care of pets include the following:
Statutory Pet Trust – Certain states are enacting statutes that allow for enforceable pet trusts. This means the trust can designate a third party who will have the power to enforce the terms of the trust – to compel the caretaker or trustee to use the trust funds for your pet.
Honorary Trust – This is a type of trust set up for a specific purpose (such as to provide for a pet) but without a definite beneficiary. The problem with an honorary trust is that without a statute specifically authorizing it as a pet trust, it is basically unenforceable and we do not recommend it.
Traditional Legal Trust – One of the best methods to ensure the care of your beloved pet is to set up a traditional legal trust. The Gervacio Denda Law Firm can carefully add language to avoid problems. One method used is to actually place the pet and sufficient funds into the trust. The pet and the funds are the body of the trust. Your attorney then names the caretaker of your pet as the ‘beneficiary’ of the trust. You name a trustee – the party responsible for managing the funds and the caretaker.