Our firm understands that pets are just another member of our family. As a result, the state of Pennsylvania allows individuals to create a pet trust to protect their pet’s best interests in the event that something happens to them. Give us a call today to speak with our skilled Butler County trust attorneys.
What is a pet trust in Pennsylvania?
You will want to keep in mind the role of a standard trust in an estate plan before looking into a pet trust. A trust is a contract that permits a trustee to have responsibility for assets until the beneficiary inherits them. A trustor refers to the person who creates the trust. The person who inherits the assets within the trust is referred to as a beneficiary. A trustee is a third party that handles the trust on behalf of the beneficiary.
In Pennsylvania, a pet trust is used to verify funds and any wishes on behalf of a pet. This can be accomplished in a number of ways. A pet trust can be made through a will, as a part of a revocable living trust, or a stand-alone trust. It is important to recognize that if you would like to make a trust for your pet, the terms must be clearly stated regarding the pet’s health care, veterinarians, burial, and how funds should be allocated when the pet eventually passes away.
It is in your best interest to reach out to our firm today to speak with one of our skilled legal team members if you have questions or concerns regarding pet trusts. Our legal team is here to help you plan for the future.
How can I create a pet trust?
The first step in completing a pet trust is selecting a trustee. In most cases, it is more helpful to choose a trustee that is distinct from the person that has custodial liability for the pet. This permits the trustee to handle the finances while the other person can act as the guardian of the pet. When accomplishing this, you will want to make sure that your selections are made in agreement with your pet’s best interest at heart.
Once you have chosen the guardian and trustee, you will need to make them aware of their responsibilities. After the selected individuals establish their responsibilities, an official document can be created with an inter vivos trust or testamentary trust. Basically, the execution of this document supplies a person with the power to arrange the care they want their pets to receive. An individual can then assign enough funds for the rest of the pet’s life. Also, an individual may want to choose other trustees or guardians as a backup. With a skilled estate planning attorney on your side, you will be able to feel more comfortable knowing that your pet’s interests will be protected once you are not here anymore. Give our firm a call today to hire the services of a qualified estate planning attorney.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.