Cats & Dogs
For You
Thursday February 4, 2010
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 Basset Hound The Basset Hound is a short-legged scent hound, bred to hunt by scent. A breed of French lineage, medieval French friars bred them as shorter-legged dog capable of following a rabbits and hare ...
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The Different Types of Pet Trusts
By R G Armstrong and Sanford M. Fisch There are a number of different types of pet trusts: the traditional trust, the statutory trust, the living trust, and the testamentary trust. Regardless of which kind of trust you choose, it is strongly recommended that you enlist the help of a lawyer who is familiar with estate planning in your state.
The traditional pet trust is the most common choice among pet owners. In this type of trust, the owner can designate both a trustee and a caregiver, and then provide explicit instructions on how the money should be distributed and what kind of care the pet is expected to receive.
The statutory trust is less involved and requires the courts to participate in governing the trust. The owner only needs to make a simple provision in their will such as "I leave 'X amount' in trust for the care of my (dog/cat/etc.)".
One key difference between the two is that the traditional trust can be set up as a living trust or a testamentary trust... and here's the difference:
A living trust is created while the owner is still alive and becomes valid immediately. This enables the owner to make provisions for the temporary care of their pet in the event that the owner becomes disabled due to injury or illness.
Living trusts often have additional start-up costs and administrative fees because of this unique feature.
A testamentary trust simply means that the trust provision is included in the pet owner's will. The pet trust does not become valid until the owner dies and the will is probated. There are also no provisions for the pet if the owner becomes sick or otherwise disabled.
So, which is the best type of trust for you? That all depends upon your needs and circumstances. The best way to choose the right type of trust is to consult with an estate planning or elder law attorney who specializes in handling pet trusts.
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EasyPetPlanning.com was created by the founders of The American Academy of Estate Planning Attorneys http://aaepa.com, a national organization promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research, educational materials, and other vital practice management techniques. To learn more about pet trust laws and to sign up for our free e-course on how to protect your pet's future, visit our website.
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