Tampa Pet Trusts Planning Attorney
Now we all can’t be like Leona Helmsley and leave 12 million dollars to our beloved animals, but there’s no question our pets have certainly become an engrained feature of our hearts and lives. It’s no wonder we want to ensure they get cared for properly in the event of our death. An attorney in Tampa who is familiar with Pet Trusts can help with this. In the case of Helmsley, poor “Trouble” – the name of the bequeathed Maltese had his inheritance downsized 10 million dollars after getting stuck in a legal battle in a Manhattan court due to the sheer fact that his owner set up a ‘Will’ rather than a proper Pet Trust fund as she should of.
I’m certain the Judge had other reasons for downsizing the amount but the point is that Pet Trusts are becoming the norm now that there are over 84 million pets in the United States alone whose owners wish to ensure their proper care once if they are not able to care for them.
Of course, no one can take care of your pet as well as you can, but with the creation of a Pet Trust, you can stipulate a caregiver in that will care for your pet based on your instructions. These instructions are legally binding and overseen by a trustee.
However there are two different types you should know about.
What types of Pet Trusts Exist?
In order to ensure that your beloved pet will receive the funds and care necessary for his or her care and well being a secure way of providing for your pet’s care is through an Attorney in Tampa who has experience with Pet Trusts. This is where you designate both a caregiver to care for your pet and a trustee to ensure thayour trust’s funds are used for the benefit of your pet. There are two basic types of pet trusts.
There are two basic types of pet trusts:
- The first is the testamentary or (Living) trust which takes effect on your death. It is created during your lifetime with the assistance of an experienced Pet Trust attorney and is found in your Will. Like the statutory pet trust described below, it details your pet’s likes, dislikes, routines, medical history and anything else you believe a caregiver must know in order to give your pet the quality of life you provided. The trustee pays for your pet’s expenses and the caregiver continues in that capacity as long as your pet is alive.
- The second type, a statutory pet trust, is also created during your lifetime with help from an experienced Tampa Pet Trust attorney. It also gives the court authority to appoint a new trustee if they find the one you chose is not doing the best job. This gives added assurance that your pet will be in the best care possible.
The funds in the Pet Trust are used to care for your pet, and to compensate the trustee for his/her efforts. As you can see from Leona Helmsley’s case, it’s not always enough to provide for a pet in your Will, so it is important to talk to an experienced Pet Trust estate planning attorney about setting up a Pet Trust in Tampa to provide for your beloved pet after your death. A Pet Trust will ensure that your pet receives everything they could possible need even after you’re gone.
It is completely up to the pet owner whether they prefer to create a living trust or a statutory trust. Either way you as the pet owner is doing the responsible and loving thing and creating a future care plan for your beloved pet.
Contact Suncoast Elder Law to discuss which Pet Trust plan is best for you.