Estate planning attorney can help make sure your pet is cared for after you pass on
Best estate planning attorney in Boise and Nampa ID can help you create a pet trust. If you are a pet owner, you probably consider your furry friends as part of your family. You may even worry about what will happen to them if you pass away or become incapacitated. Who will take care of them? How will they be provided for? Fortunately, there is a legal tool that can help you answer these questions: a pet trust.
A pet trust is a special type of trust that allows you to set aside money and instructions for the care of your pets after your death or incapacity. A pet trust can give you peace of mind that your pets will be well taken care of by someone you trust and according to your wishes.
How Does a Pet Trust Work?
A pet trust works like any other trust. You create a document that names a trustee, a beneficiary, and a purpose. The trustee is the person who will manage the trust assets and distribute them for the benefit of the beneficiary. The beneficiary is the person or entity who will receive the trust assets. The purpose is the reason why you are creating the trust.
The purpose of a pet trust is to provide for the care and maintenance of your pets. You can specify how much money you want to leave for your pets, how often the trustee should distribute it, and what expenses it should cover. You can also give detailed instructions on how you want your pets to be cared for, such as their diet, grooming, veterinary care, exercise, and socialization. You can even name a caregiver who will take physical custody of your pets and follow your instructions.
What Are the Benefits of a Pet Trust?
A pet trust has several benefits over other methods of providing for your pets after your death or incapacity. For example:
- A pet trust is legally enforceable. Unlike a will or a verbal agreement, a pet trust creates a legally binding obligation for the trustee and the caregiver to follow your wishes. If they fail to do so, they can be held accountable by the court or by another person that you name to enforce the trust.
- A pet trust is flexible and customizable. You can tailor your pet trust to suit your specific needs and preferences. You can decide how much money to leave for your pets, how it should be spent, and who should care for them. You can also update or revoke your pet trust at any time during your lifetime.
- A pet trust is effective immediately. Unlike a will, which only takes effect after your death and after probate, a pet trust can take effect as soon as you create it or as soon as you become incapacitated. This means that there will be no gap or delay in the care of your pets.
- A pet trust can reduce conflicts and disputes. By creating a pet trust, you can avoid potential conflicts and disputes among your family members, friends, or heirs over who should get your pets or how they should be cared for. You can also prevent your pets from being neglected, abandoned, or euthanized if no one wants them or can afford them.
How Do I Create a Pet Trust?
Creating a pet trust is not difficult, but it does require some planning and preparation.
Here are some steps to follow:
- Consult an estate planning attorney. An estate planning attorney can help you draft a valid and effective pet trust document that complies with Idaho law1 and meets your goals. An attorney can also advise you on how to fund your pet trust and how to coordinate it with your other estate planning documents.
- Choose a trustee and a caregiver. As mentioned above, these are the people who will be in charge of managing your pet trust and caring for your pets. You should choose someone who is trustworthy, reliable, and willing to take on this responsibility. You should also choose someone who loves your pets and knows how to care for them. You can name the same person as both the trustee and the caregiver, or you can name different people for each role. You should also name backup trustees and caregivers in case the original ones are unable or unwilling to act.
- Provide detailed instructions for the care of your pets. The more specific you are about how you want your pets to be cared for, the more likely it is that your wishes will be followed. You can include instructions on any aspect of your pets’ care, such as their diet, exercise, grooming, medical care, socialization, and end-of-life decisions.
- Review and sign your pet trust document. Once you have completed your pet trust document with the help of an attorney, you should review it carefully and make sure it reflects your wishes. You should also make sure it is properly signed and witnessed according to Idaho law. You should keep a copy of your pet trust document in a safe place and let your trustee, caregiver, family members, friends, and veterinarian know about it.
- Fund your pet trust. Your pet trust will not be effective unless you transfer some money or property to it. You can fund your pet trust during your lifetime or at your death. You can use various methods to fund your pet trust, such as cash, bank accounts, stocks, bonds, real estate, life insurance policies, retirement accounts, or other assets. You should consult an attorney and a financial advisor on how to best fund your pet trust and how to minimize taxes and fees.
Hire the best estate planning attorney in Boise and Nampa ID
By creating a pet trust, you can ensure that your furry friends will be well taken care of after you are gone or unable to care for them yourself. A pet trust can give you peace of mind that your pets will be loved and provided for according to your wishes.
Jacobson & Jacobson Law Firm, since 1982, is committed to serving the Boise and Nampa, Idaho areas for your top Criminal Defense, Personal Injury, Business Law, Estate Planning, Family Law, Immigration Law, and Litigation needs. Contact us today to get started. For a free 30-minute consultation, book here: https://calendly.com/jfj-1