We love our furry friends more than anything in the world, and as we grow older, they can become our primary companions in life. For this reason, many older California residents begin to worry about what will happen to their pets after they’re gone, so they include their animals in their estate plans. Under California estate laws, you can set up a special pet trust that will provide funding for the care of your animal after you’ve died.
Pet trusts in California will last for the entirety of the pet’s life. When you set up your pet trust, you will need to name an executor and a caretaker of your animal who will serve as the beneficiary. Often, estate planners choose to name different parties as executor and beneficiary/caretaker so that there is additional oversight regarding the way the funds are being used. With different parties serving in these rules, the executor can audit the caretaker to ensure that the pet-related funds are being used exactly in accordance with the terms and instructions laid out in the trust.
Many pet owners enjoy putting specific caretaking instructions in their pet trusts. For example, they may ask that the pet receive care from a specific veterinarian, receive special kinds of treats at certain times in the day, go for a given number of walks every day and so forth.
If you’d like to create a pet trust for your favorite animal, our California law firm can help you pinpoint the details of this important legal document. Your pet is your friend and most faithful companion; don’t neglect him or her in your estate plan.