Families with pets are often concerned about the care, maintenance and welfare of their beloved pets if they should die before their pets. A Pet Trust is an ideal way to help ensure that financial provisions will be available AND properly managed by the successor trustee of their Living Trust. The successor trustee will control the funds set aside in the Pet Trust and disburse such funds to the appointed pet guardian who is, in turn, asked to take care of the pet(s) under certain “care and maintenance” directives that the pet owner provides in the family Living Trust.
A Pet Trust can be funded by either a certain percentage of the Trust Estate or a one-time sum dollar amount allocation. Any amount remaining in the Pet Trust (if any) – after the death of the (surviving) pet, will be distributed to the living beneficiaries of the Trust Estate in prorata portions.