Types of Pet Trusts in Virginia
We recently did a general article on pet trusts, what they are, and why they’re important. But did you know that there were multiple types of pet trusts in Virginia? Probably not. In this article, the Law Office of Angela N. Manz will discuss the different types of pet trusts and how to establish a pet trust in Virginia.
Testamentary pet trusts
There are two main categories of pet trusts in Virginia. Those are testamentary pet trusts and inter vivos pet trusts.
A testamentary pet trust is created by a will, which assigns a caregiver to your pet and designates money for your pet’s expenses after you die. In Virginia, a pet trust will legally ensure that the money you have designated for your pets will be used for their care only.
Virginia’s guidelines, on the other hand, do not specify a standard of care for your pets or handle situations that emerge before your death, such as incapacity. Virginia courts also reserve the right to reduce the amount of funds allocated for the animal’s care if it believes that amount is excessive.
Inter vivos pet trusts
Similar to a normal inter vivos trust, the trust is established while you are still alive. With this type of pet trust, you can transfer money for the financial support of your animal at any point and designate trustees to care for them. You can likewise name yourself as the trust and choose to name alternative trustees if you become incapacitated or are not able to care for your beloved furry friend.
With this type of trust, you can also establish an individual to act as trust protector. This individual ensures that the trustee is adequately supporting your pets according to your guidelines.
This type of trust can also include specific instructions on the care of your pets. For instance, you can include their food preferences, medical care instructions, or detailed information concerning their social interactions.
How to set up a trust in Virginia
A pet trust document is required to include the following:
- Identification information for your pet including microchip information, a detailed physical description, and a DNA sample.
- Names of the designated trustee and caregiver. This includes any designated organizations that could serve as a backup caregiver.
- Terms detailing which of your pets are included in the trust
- Who inherits the trust assets after the pet dies
- How the money in the trust should be used
- Details concerning your pet’s care including their food preferences, grooming schedule, and medical needs
- Requirements regarding inspections by the trustee to ensure that the pet is receiving the care outlined in the trust document
- Burial instructions regarding your pet once they pass
Talk to a Virginia Beach, VA Trusts and Estates Attorney Today
The Law Office of Angela N. Manz represents the interests of individuals who are looking to establish a trust for their pets. Call our Virginia Beach estate planning lawyers today to schedule an appointment and to discuss your next steps immediately.
