Setting Up a Pet Trust
Good Reasons to Create a Pet Trust
If you have a dog or cat, you likely consider it a valuable member of your family. You deeply care about your pet’s well-being and always take it to the veterinarian for checkups and feed it nutritious food. Take it one step further and establish a trust for your furry family member. If you decide that you want to establish a pet trust, our Des Moines, IA trust lawyer can help you. Here are a few good reasons to set up a pet trust.
- You Can Leave Money for Your Pet
From food to medical care, taking care of a pet can get quite expensive. If you should die suddenly, you want your pet to have the same lifestyle that it had before. This is one of the main reasons why it’s beneficial to set up a pet trust. The document allows you to leave money for your pet and select a trustee to administer those funds according to your wishes. For example, you may want the funds to be used for your pet’s food, veterinary bills and grooming.
- You Can Appoint a Caretaker for Your Pet
If you should die unexpectedly, you don’t want your pet to go to just anyone. You want the caretaker to be trustworthy, responsible and actually have the time to give your pet the attention it deserves. In a pet trust, you can name the person you want to take care of your furry family member.
Before you appointment someone as the caretaker, have a conversation with the person. Ask the person if he or she is up for the task. Taking care of a pet is a huge responsibility and not everyone may have the time or desire to do it.
- A Pet Trust Establishes a Legal Obligation
A pet trust is a legal document, so the parties named in the trust must follow its terms. If the caretaker or trustee doesn’t abide by the terms in the trust, he or she can face legal consequences. For example, if the caretaker uses the funds in the trust for anything other than the animal’s care, the court will intervene.
- You Will Have Peace of Mind
If you establish a pet trust soon, you will have peace of mind knowing that your pet will be in good hands after you’re gone. In addition to leaving money, you can provide instructions on how to care for your pet. For example, your pet may have to follow a certain diet or take medication every day.
Like wills which lists the assets in your estate and designates how it is to be distributed when you pass, a trust is also a way to determine how your assets will be dispersed when you die. A trust, however, assigns someone to manage your estate and offers these advantages:
- Usually eliminates the need and cost of probate
- Help avoid conflict between family members and others
It’s the trust that assigns where your assets will go, rather than leaving those decisions to an individual as a will often does. It’s interesting to note that the trust actually begins operating when it is put in place rather than waiting until you die like a will does. A trust can often eliminate or at least reduce estate taxes. While a trust will cost you a bit more to have an attorney draw, it’s likely it will save both you and your heirs in the long run.
Although a will is easy to create, your heirs may have real trouble actually using or enforcing it. A trust, on the other hand, is more difficult to create but smoothes out the details of exactly how your estate is actually distributed.
Contact Our Des Moines Trust Lawyer Today
There are two main reasons you want a trust lawyer in Des Moines, IA, and why The Law Group of Iowa may be the people you want to work with. Control over how your estate will be distributed is the major reason people will choose a trust over a will. If your estate is large, exists in multiple states or even countries, or your heirs have special needs, or you want to donate to multiple charities, or set up a trust for a beloved pet, a trust lawyer has the experience to guide you through the process. They can help you decide exactly what you want to happen and can show you how to do it in the most efficient way possible.
The right trust attorney can make both establishing a trust and having a trust administered in the right way that will help avoid problems in the future.
