n Names a physical caretaker for the pet
n Names a trustee that will hold the money for caring for the pet
n Instructs the trustee to distribute the money to the caretaker according to the instructions contained in the pet trust
n Provides the trustee with the author- ity to place the pet with a new care- taker if for any reason the person named cannot take care of the pet as intended
The first step in creating a pet trust is to write out a plan specifying who will care for the pet, how much money will be needed and how it should be spent, and the name of the person that has agreed to act as trustee. A plan for a pet can be general or detailed.
It’s not a good idea to make the pet caretaker the trustee, because the trust- ee is responsible for enforcing the plan and making certain that the caretaker is following the previous owner’s instruc- tions. Otherwise, the trustee is charged with finding a new caretaker that will follow the instructions in the trust docu- ment and redirecting the funds to them. A pet trust does not have to be funded until the owner has passed. The easiest way to fund a pet trust is to name the trustee as the recipient of a bank account, a certificate of deposit or an insurance policy. The funds then are im- mediately available for the care of a pet, according to the instructions contained in the trust document.
With written plan in hand, the next step is to meet with an attorney to develop it into a legally enforce- able trust document. If the basic plan is already in writing, the lawyer should be able to state a reasonable price to draft the trust. Or, a pet owner may choose to purchase a guide on how to create a pet trust.
For more information, visit CreateA
PetTrust.com and see The Pet Plan and Pet Trust Guide, by Kimberly A. Colgate. It explains, in detail, how to create a pet trust and includes a fill- in-the-blank pet trust document. Colgate is a practicing trust attorney in Sarasota, FL. Contact her at 941- 927-2996 or
KColgate@FLLawyer.com.
natural awakenings September 2011 47
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