naturalpet
ity of caring for the pet, as well as leave available funds to the individual for that purpose. However, problems can arise because many people don’t understand how a will works.
PET TRUSTS
Peace of Mind for Your Pet’s Future by Kimberly A. Colgate, Esq.
M
ost owners don’t think they need formal estate-planning documents for their pets because a friend, neighbor or relative has said that they will take care of the pet when the owner dies. Unfortunately, sometimes these folks may have good intentions, but when reality strikes, the hoped-for, un- written arrangement may not be honored and the pet is euthanized.
Such sad occurrences, the result of unforeseen financial distress, broken promises or misunderstandings, can be
prevented if the proper legal docu- ments are in place to protect a beloved pet. The owner may provide for the pet either in a legally signed will or a trust specifically created for the named pet. So, which is better?
Limits of a Will
While a will cannot leave property directly to an animal, it can name a per- son that is charged with the responsibil-
With a will, the instructions con- tained in it are not automatically car- ried out. A lengthy and formal process must be followed in each state to admit a will to the probate court and appoint an executor; until that happens, no one can access the property of the de- ceased. Initiating the process typically takes at least 30 days and it can be up to a year before money is distributed to beneficiaries. But where does the pet live in the meantime? Who is taking care of the pet and providing money for housing, food, exercise and health care? Another problem is that even when money or property is given to the named person to care for a pet, it is difficult to ensure that they will actually spend the money on the pet, according to the will’s instructions. This is why creating a trust for the long-term care of a pet is the better solution.
Benefits of a Trust More than 45 states now have laws making it possible to create a trust for a pet. This arrangement of- fers many advantages; a pet trust docu- ment usually:
46 Collier/Lee Counties
swfl.naturalawakeningsmag.com
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