Uxbridge Attorney Discusses Pet Trusts

As an Uxbridge resident, you may be one of the millions of Americans who consider a family pet to be just that — part of the family. As such, you have likely worried about what will happen to him or her in the event of your death. By creating a pet trust, you can ensure that your beloved family pet will have the financial means necessary to be well cared for long after your death.

A pet trust is no different than any other trust at its core. Just as all trusts, you need to designate a beneficiary. In this case, the beneficiary just happens to be an animal not a human. Next, you need to choose a trustee. The trustee will be responsible for administering the trust, including making payments to the beneficiary. Although the trustee can be the same person who will be responsible for caring for your pet on a day to day basis, you can also appoint a neutral third party such as an attorney. As a practical matter, payments will be made to the person who actually cares for the pet. Finally, you must fund the trust and dictate the specific trust terms.

A pet trust offers both practical and financial advantages over other possible ways to plan for your pet’s care. Although you can simply give money to someone ahead of time or leave money in a will to someone for the care of your pet, both those options may incur gift or estate taxes and relinquish all control over the money. By creating a pet trust, you may avoid gift or estate taxes, create funds that will grow over time and retain a great degree of control over how your pet is cared for even after your death. Consult your Uxbridge estate planning attorney.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

This post originally appeared on James A. Miller's Law Blog.

Last Updated on Tuesday, 14 February 2012 08:31