Investopedia.com: Pets have become an increasingly important part of modern life. Many pet owners view their animal companions as members of the family and treat them as such, but it has only been in the last 15 years where pets were given a legal upgraded status. It was 1993 when the National Conference of Commissioners on Uniform State Laws and the American Bar Association added Section 2-907 of the Uniform Probate Code to the books. Previous to this the law treated pets like any other piece of property upon the death of their owners. In this article, we’ll show you how to set up a trust for your pets, so that when you pass on, they will still be able to have a full life.
With the adoption of this code, setting up a trust to care for pets became a recognized estate planning technique. Today, the majority of states recognize some form of planning for pets, and more than three dozen states currently have laws on the books about pet trusts. These laws enable pets to become the beneficiaries of your will. (To read more about this topic, see Update Your Beneficiaries, Getting Started On Your Estate Plan and Establishing A Revocable Living Trust.)
The specifics of the law vary from state to state, but the two basic types of pet trusts include testamentary, which is designed to provide care after the owner’s death, and inter vivos, which provides care when the owner is still living but no longer able to care for the animal. Inter vivos trusts can be useful if the owner is incapacitated or living in an assisted-living facility.
Continue reading about planning your pet’s trust.
Leave A Comment