The Pawfect Trust
Did you know that Texas allows you to plan for the care, maintenance and support of your pets through a trust? If you didn’t, well you do now! We are not kitten around. This can be a ruff conversation but wouldn’t you want the oppawtunity to make sure your pets are well taken care of?
One of the many great things about Austin is that it is so pet-friendly. At Hardie Alcozer, we love our pets and we want to make sure your pets are well taken care of just like ours.
How do I set up a furtastic trust for my pet?
Our estate planning attorneys would want you to include a paragraph in your will to state who the caretaker of your pet will be when you pass away. This is crucial to make sure your pet is not fur-gotten and have a place to go.
Next we would add some language to set aside a certain amount of assets to take care of any pet-tential needs of your pet. When you think about your pet’s lifespan (5-15 years), the amount needed can add up quickly. The assets would be used for food, grooming and veterinary care (whether standard or emergency). We wouldn’t want your pet to miss out on her routine pupcake from Hey Cupcake! That may seem pawsitively over the top but we want your trustee to make sure your pet continues life just as when you were his/her caretaker.
What happens when my pet passes away?
Our estate planning lawyers add a provision to make sure the trust provides for a respectful and property disposition of your pet. You can specify that the remaining funds to go a charity such as Austin Pets Alive or the remaining assets can go to the caretaker.
What if there is not enough money set aside for my pet?
The trust simply terminates when there are no more funds. This means the caretaker would then be responsible for the care, maintenance, and support of your pet.
We add a paragraph to protect your pets so that the caretaker cannot use the funds in the pet trust for creditors, child support or any beneficiaries of the caretaker.
Does a court determine where my pets go?
If the provisions are in a will – yes. The downside to this option is that your pet’s care could be on hold while the will is probated (2-6 months).
Another option in estate planning for you is to create a will that puts all of your assets in a trust. Then we add the pet trust as an additional provision to your trust. This speeds up the process to make sure your pet is taken home by your selected caretaker and receives the proper daily care.
We work with you by looking at your finances, life span of your pet, as well as the daily care and maintenance to suggest the amount needed for support for the remainder of your pet’s life. We can also structure the trust to remain in effect for all current and future pets you may acquire. While you pawnder these options, we welcome any questions you may have to get a plan in place for your pets. Call us today.