You've included provisions in your will for your children, and you know that the estate or trust that you're leaving behind will continue to provide for them after you are gone. But have you considered who will provide for your loving animal companion?
Traditionally, parents have made provisions for the long-term care of their children through careful estate planning and trusts. Recently, there has also been a growing trend towards creating trusts to benefit and protect the interests of pets. As a pet owner, you know that there is an incredible bond shared with your pet. You want to be assured that your pet will continue to receive the proper care and attention that you have always provided, even when you are no longer able to take care of them yourself. A pet trust provides this peace of mind and makes sure that your pet will be taken care of should you become disabled, or after your death.
California pet owners are allowed to create a trust that provides for the care of a domesticated animal if the pet owner were to become unable to care for the pet. As a matter of fact, recent legislation has been passed that further protects pets and guarantees that, as a pet owner, your specific instructions for the care of your pet are carried out, as intended. "Pets are an important part of the American family," California Senator Leland Yee said. The new California pet trust law "will make pet trusts enforceable and assure that the wishes of owners are respected."
In California, this is a legally enforceable method you may use to ensure that your pet receives proper long-term care in the event of your death or disability. With a pet trust, you are able to appoint a caregiver for your pet, and you can designate a portion of your estate directly for the care of your animal, providing a specified sum of money for day-to-day care and feeding, pet insurance, veterinary costs, or other related expenses.
As a pet owner, you want to ensure that your pets can be taken care of should you become unable to provide for them yourself. If you are an owner who wants to establish a trust, or otherwise provide long-term care for your pet, a qualified California estate planning attorney who has experience creating pet trusts in California will be able to help you understand your pet trust planning options, and will be able to assist you in designing a trust that meets your needs and those of your pets.
Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration. Visit EstatePlanningSpecialists.com to learn more.
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