What is the purpose of a pet trust?
A trust is a legal agreement that allows a trustee to become responsible for the assets within the trust until the beneficiary inherits them. The individual who inherits the assets within the trust is known as the beneficiary while the individual who creates a trust is referred to as the trustor. A trustee is a third party that controls the trust on behalf of the beneficiary.
A pet trust can be used to allocate funds and wishes on behalf of a pet in Iowa. A pet trust can be created through a stand-alone trust, a will, or as a part of a revocable living trust.
If you choose to build a trust on behalf of your pet, the writing must be specific concerning the pet’s health care, burial, veterinarians, and how funds should be allocated when the pet passes away. If you require further assistance with your pet trust in Iowa, do not hesitate to reach out to our skilled estate planning attorney.
How can I get started with a pet trust?
The first step you should take when creating a pet trust is to choose a trustee. It is beneficial to select a trustee that is different from the person who has custodial liability for the pet. This permits the trustee to handle the finances while the individual who has custodial liability can serve as the guardian of the pet. Of course, you will want to make sure that your choices are always made in your pet’s best interest.
Next, you will make the guardian and trustee aware of their responsibilities. Once they are able to affirm their duties, you will draft an official document with an inter vivos trust or testamentary trust which will provide an individual with the ability to plan out the care they want their pets to receive. You may allocate enough funds for the rest of the pet’s life in this step. Finally, you may want to select other trustees or guardians in an abundance of caution.
For assistance with this process, do not hesitate to reach out to our experienced Iowa estate planning attorney.
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