In Washington State, people are loyal to their pets and vice versa. While many understand the value of creating an estate plan, they do not consider what might happen to their pets if they are not around to care for them.
Increasingly, people are weighing their options to ensure their pet is cared for even if they are not around. To address that, it is important to understand the law for a trust to care for an animal.
Key points about a trust to care for an animal
It is perfectly valid to create a trust to care for animals. The trust will need to identify them individually and will continue to be in effect while they are alive. The principal and the income of the trust will be for the animal. There can be reasonable compensation and reimbursement to the trustee. Otherwise, it cannot be used for any other reason.
The objective with the pet trust is to make sure that the animal or animals are not left alone with no one to care for them without the owner around. With that, the trustee will be responsible for the care and upkeep of the animal. That will include giving them the basics for a healthy life, getting them medical care as needed and serving as a caring companion.
Those who are thinking about how their pet will be cared for need to know who they can trust for this responsibility and understand that the trust needs to be adequately funded to provide for the animal. Just like any type of trust, the provisions must be enforced and the trustee will have powers and duties regarding caring for the animal as instructed.
Pet owners worried about the future can get a pet trust
Most people who are moving forward with estate planning stick to a will. However, there are times that they should consider creating a trust as well. While it might sound unusual to some, the care of a beloved animal is important to those who nurtured and lived with the pet during their life. To know the details about trusts and how one can be created to care for a pet, it is useful to have advice to ensure it is valid and will be followed as the person wants.