An Estate Planning Lawyer Roseville, CA Relies on Explains Pet Trusts
Many people considers their pets members of their family, as an estate planning lawyer Roseville, CA trusts can attest. That’s why you might be concerned about what will happen to your pet if you’re not around anymore. One of the best things you can do to ensure that your furry family is taken care of is to set up a trust. A trust holds property and money for beneficiaries and is a viable option for a pet because you can’t leave your assets directly to Fido or Fluffy. This is because pets are considered property in the eyes of the law.
When Should You Consider a Trust for a Pet?
As an estate planning lawyer in Roseville, CA can explain, pets trusts are typically designed for pets that are expected to live a long time. Some parrots, for example, live over 50 years, so they may outlive their owners. It’s important for them to have a place to go should the owner die before them. These trusts may also be a good idea for elderly people who don’t expect to outlive their pets.
What Are the Types of Trusts I Can Use?
If you wish to set up a trust for your pet, you typically have a couple of options:
- Traditional Trust: With the help of an estate planning lawyer in Roseville, CA, a traditional trust allows you to choose a caregiver for your pet, give instructions on how to care for it and appoint a trustee to manage the money. If you finance the trust with life insurance, you have to name the trustee as the beneficiary.
- Statutory Pet Trust: In a statutory pet trust, all you have to do is leave a simple instruction, like how much money you want to leave your pet. The disadvantage of this type of trust is that you don’t have the option to include thorough instructions on your furry family member’s care.
How Do I Avoid Problems With a Pet Trust?
The last thing you want is for something to go wrong with your pet trust. If you follow the following pointer from a Roseville, CA estate planning lawyer, there will likely be fewer issues with the trust.
- Leave a Reasonable Amount of Money: When deciding on how much money to leave in your pet trust, be practical. Consider how much money it will realistically take to care for your pet and don’t leave anymore than that. If you put too much money in a pet trust, family members may get angry.
- Talk to the Person You Want to Take Care of Your Pet: Before you name someone as the caretaker of your pet, be sure to ask that person if he or she is up for the job. If the person doesn’t want to take the responsibility, you will have to ask someone else.
- Provide Thorough Instructions: It isn’t a good idea to assume that the caretaker will know exactly how to care for your pet. For example, he or she might not know that your dog needs to eat grain-free kibble. Providing detailed instructions will help avoid any issues.
If you additional questions about setting up a pet trust, contact an estate planning lawyer Roseville, CA residents rely on at Yee Law Group, PC today.