Pet Trusts: Funding a Pet Trust (Part I)
For some pet owners, the question is not whether to create a pet trust; the consideration of who will care for their animal companion when they are no longer able to do so leaves a pet trust to be the only viable alternative. The questions for many, however, are when to fund the pet trust, and the amount of funds that should be left for their pet's care. The answers to these questions are rarely the same from one individual to another, as the timing and amount of funding for a pet trust depends upon the type of pet trust created, and the size of the estate owned.
If you create an inter vivos trust (or "living trust") for your pet, the funding must immediately follow in order for the trust to take effect. There are several ways to achieve this: among them being direct transfer of money or property and creation of a life insurance policy with the trustee (your pet) named as the beneficiary. For California pet trusts, both methods are viable, and both should take place under careful consultation with a pet trust attorney who understands the specific statutes related to the creation and funding of pet trusts in California.
Direct transfer could be as simple as writing a check to the order of: [name of trustee], trustee of [name of the pet trust]. The check will be cashed, and will be ready for your pet immediately, should you become unable to care for your pet on your own. However, direct transfer could also mean more complicated legal procedures, such as transferring land or other owned property, with the trustee as beneficiary. In such cases, a qualified California pet trust attorney will oversee the transfer of property, including preparation of a deed.
You may also fund a pet trust under a provision in your will. This includes the specific naming of property, and the amount of the sale of such property that would go toward funding the pet trust. A pet trust attorney will be able to counsel you regarding the best way to assure that the part of your estate that you use to fund the pet trust will be adequate for the proper care and well being of your pet.
The laws regarding estate planning and pet trusts are constantly changing in California, and can be difficult to navigate on your own. Consulting a pet trust attorney with experience in creating pet trusts in California could help you clarify your own understanding of these legal processes, and help you determine the best way to proceed in assuring the lifelong happiness and care of your beloved pet.
Related Tags: estate, california, estate planning, trust, will, pet trust law, pet owner, pet trusts, pet trust
Kevin Von Tungeln is the Managing Partner of TVTTrustLaw.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration. Visit www.TVTTrustLaw.com">http:// www.TVTTrustLaw.com or call (661) 945-5868 to learn more.
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