Planning for Your Pet: How Pet Trusts Can Ensure Your Beloved Pet is Cared For
Let’s face it. Pets are a part of your family. If they aren’t, then you’re doing it wrong. And as beloved members of your family, you worry about their wellbeing and want to ensure that they are properly cared for if you were to untimely pass.
Under Virginia law, pet trusts are valid and enforceable. You can set up a pet trust in either a trust or a will. A trust is a private document, so if you create a pet trust within your own trust, the matter remains private. A will, on the other hand, once submitted to the court, is a public document and the court oversees the directives in the will.
You can create a pet trust in your own living trust. You must choose a trustee or a trust manager. This individual oversees and keeps account of the money allocated to your beloved pets. It also establishes who will be caretaker of the pets if you were to die. The trustee and caretaker do not have to be the same person, but in many cases, that’s how the arrangement works.
What is a pet trust?
A pet trust is a specific type of trust that is created to handle the care of your pets if you are no longer able to care for them. A pet trust can help you determine who cares for the pet if you die or become incapacitated. It also allows you to allocate a portion of your estate for their benefit.
Without such a trust, a pet would be considered property in Virginia and would therefore fall under the same category as your car or television set. Without legal documentation, such as a pet trust, the state will control what happens to your pet, which could cause them to end up in a shelter or with an unfit family member.
Pet trusts give you more control than wills
A last will and testament is a vital legal document for making your wishes known. However, a pet trust is a better vehicle for serving your beloved pet. A pet trust allows you to provide more detailed care instructions for your pet. You can likewise include backup caretakers, which includes both individuals and organizations.
In addition, money that you leave for your pet would be considered a gift under Virginia’s laws. The recipient is not legally required to spend that money on your pet. With a trust, instead of leaving the money directly to an individual, you leave the money to the trust with legally binding fiduciary duties. The trustee will ensure that money in the trust is spent on your pet.
Talk to a Virginia Beach, VA Estates and Trusts Attorney Today
The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who want to establish a trust for their pet. Call our Virginia Beach estate planning lawyers today to schedule an appointment and we can begin discussing your next steps right away.
