When estate planning in Wheat Ridge, Arvada, and across Jefferson County, people generally want to make sure that everyone they love and everything they love is taken care of. For many, that includes a pet. One way to ensure that your pets are looked after in the manner you want is to establish a pet trust. A pet trust is a legal avenue to make sure that you pet will be cared for if you are incapacitated or deceased.
Wheat Ridge Estate Planning and Pet Trust Attorney: Establishing a Pet Trust
For a pet trust, a person allocates certain assets into the trust to be used for caring for the pets should something happen to you. To establish a pet trust, you would designate a trustee, who will manage the assets and oversee the care, and a caretaker, who will physically care for the animal. This can be the same person if you so choose.
Assets and Funding a Pet Trust in Wheat Ridge and Golden
The amount you place in the trust should be carefully considered. You will want to take into consideration the current cost of care for the animal and the pet’s life expectancy. Yes, unexpected expenses can come up, but you don’t want to put an unreasonably large amount into the trust. This can raise red flags for others and may cause someone to try and dispute through the court. If there are remaining funds in the trust after the pet passes away, then you can designate a remainder beneficiary. This person or organization will get any leftover funds in the trust. Sometimes, estate planners like to leave the money to an organization or charity that helps animals.