Wake North Carolina Bequest in Trust for the Care and Maintenance of Pet (Long Form)
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FAQ
You can fund currently by setting up a bank account in the name of the trust, but you can also allocate funds in your will (and under your power of attorney in the event you are incapacitated).
Ask your local animal welfare organization for names. Be reasonable with the amount you set aside for your pet, so the trust doesn't become a target for disgruntled relatives. Designate where the remainder of the money in the trust will go when the pet dies. An animal welfare organization is a good option.
How to Set Up a Pet Trust Select a beneficiary. Recognize that the beneficiary you select will be deemed the main day to day caregiver of your pet.Name a trustee. This individual will be in charge of your pet's financial assets and will be delegated the duties to maintain proper funding and control expenses.
Sure, the hotelier and real estate magnate Leona Helmsley left $12 million in her will to her dog, Trouble. But that, it turns out, is nothing much compared with what other dogs may receive from the charitable trust of Mrs. Helmsley, who died last August.
Under California law, a Pet Trust is a legally binding document that ensures that funds are available and a caretaking system is in place. You set aside an amount of money, based on the pet's expected lifetime, and typical expenses, for the care of the pet.
Through inheritance Animals are not legal persons and cannot directly own property. Animals typically "inherit" money through a pet trust through which the money must be used for their care after the death of the owner.
Summary of law: A trust may be created for the care of an animal or animals alive during the settlor's lifetime. The trust terminates upon the death of the animal, or upon the death of the last surviving animal covered by the trust. However, the trust is not valid for more than 90 years.
A trust usually details what should happen once a pet dies, according to Bovino's associate, Kelly Michael. Typically, an owner yields whatever money left over to individuals or a charity. If no one is directly named, then the remainder is absorbed back into the estate.
Summary: This California statute provides that a person can create a trust for the care of a designated domestic or pet animal for the life of the animal. The duration will only be for the life of the pet, even if the trust instrument contemplates a longer duration.
Since pet owners know the particular habits of their companion animals better than anyone else, they can describe the kind of care their pets should have and list the person(s) who would be willing to provide that care.