In many cases, a pet is just another family member. As such, the state of Pennsylvania allows individuals to create pet trusts to ensure their pets are taken care of. Reach out to our firm today and speak with our dedicated Butler County trust attorneys to learn more.
What are pet trusts in Pennsylvania?
It is important to recognize the role of a standard trust in an estate plan before discussing a pet trust. A trust is a contract that allows a trustee to have accountability for assets until the beneficiary inherits them. A trustor refers to the individual who creates a trust. The person who inherits the assets within the trust is known as a beneficiary. A trustee is a third party that handles the trust on behalf of the beneficiary.
In Pennsylvania, a pet trust is utilized to establish 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 essential to keep in mind that if you would like to make a trust for your pet, the terms must be expressly stated concerning the pet’s health care, veterinarians, burial, and how funds should be assigned when the pet ultimately passes away.
If you have questions or concerns about pet trusts in Pennsylvania, do not wait to reach out to our firm today to speak with one of our skilled legal team members. Our legal team is just one call away.
What steps should I take to create a pet trust?
The first step in creating a pet trust is choosing a trustee. In most cases, it is more beneficial to pick a trustee that is different from the person that has custodial liability for the pet. This allows the trustee to manage the finances while the other person can serve as the guardian of the pet. When doing this, you will want to ensure that your selections are made in accordance with your pet’s best interest in mind.
Once you have picked the guardian and trustee, you will need to make them conscious of their duties. After the chosen individuals establish their responsibilities, an official document can be prepared with an inter vivos trust or testamentary trust. Essentially, the implementation of this document provides a person the ability to plan out the care they want their pets to acquire. An individual can then assign enough funds for the rest of the pet’s life. Furthermore, an individual may want to select other trustees or guardians as a backup. If you have a skilled estate planning attorney on your side, you will be able to feel more relaxed knowing that your pet’s interests will be covered once you are not around anymore. Reach out to our firm today to retain the services of a competent estate planning attorney.
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Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that 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.