Preparing for Your Pet’s Future With a Florida Pet Trust
Elderly people and those with serious illnesses are often concerned about what will happen to their pets when they are no longer there to care for them. Leaving instructions and money for your pet’s care might help you rest easy knowing that they will be taken care of just how you want them.
If you live in Florida, you should know that it is also possible to set up a pet trust.
How Can You Create a Pet Trust in Florida?
The process of creating a pet trust in Florida begins with the selection of an individual to serve as the trustee. The trustee will be responsible for managing the assets set aside for the pet and ensuring that the pet’s needs are met.
The trust must be created while the pet owner is alive, and the trust property must include money or other assets that can be used to provide for the pet’s care. The pet owner may also appoint a secondary caregiver in case the primary caregiver is unable to care for the pet.
Next, the creator of the trust must identify the beneficiary, or the pet(s) who will receive the benefits of the trust. Finally, the terms of the trust must be drafted and signed by both the creator and the trustee.
How is a Florida Pet Trust Funded?
A Florida pet trust is funded through the transfer of assets, such as cash or property, from the grantor to the trustee. The trustee then uses those assets to provide for the care and maintenance of the designated beneficiary, in this case, the pet. Typically, the trustee will make periodic payments to a caretaker who is responsible for providing for the pet’s needs.
The trust fund can be used to pay for food, shelter, medical care, and other expenses associated with taking care of the pet.
What Happens if the Pet Dies Before the Trust Expires?
If a pet dies before the trust expires, the trust will typically end and the remaining funds will be distributed to the beneficiaries according to the terms of the trust. If the trust does not expressly provide for what should happen upon the pet’s death, the court may be called upon to interpret the trust and make a determination about how to distribute the funds. This can be a complicated process, and it is often advisable to seek legal counsel if you are faced with this situation.
What Happens if the Pet Beneficiary Dies?
If the pet beneficiary dies, the pet will be distributed to the alternate beneficiaries listed in the will or trust. If there are no alternate beneficiaries, the pet will be given to a friend or family member, or, if no one can be found, to a shelter.
The friend, family member, kennel, rescue group, or shelter will benefit from the money you leave behind, and will use it to take care of your beloved pet.
Do You Need a Florida Estate Planning Lawyer?
If you are a Florida resident and you need an estate planning lawyer to help you create a will or trust, do not hesitate to contact an attorney at the SG Law Firm. Our skilled attorneys can help you plan for your pets and make sure they are taken care of after you pass away.