How to Arrange Care for a Pet in Your Estate Plan

 Posted on October 12,2022 in Estate Planning and Probate

Many people share a strong bond with their pets. Companion animals can be a wonderful source of comfort to their owners. If you have a dear pet who could potentially outlive you, you may be comforted to know that there is a way to provide for the ongoing care of your pet using your estate plan. Trusts for the care of an animal are explicitly authorized in Texas’s trust code. There are requirements governing the use of pet trusts. For example, the animal provided for must be alive during the grantor’s lifetime. A trust to care for your dog would likely be permitted, but a trust caring for all future descendants of your dog would likely not be enforced. If you are interested in using a trust for the care of an animal to provide for your pet should they outlive you, it is best to work with a skilled attorney. Pet trusts can be complex as can any other form of trust. 

What You Should Know About Trusts for the Care of an Animal

Unlike a trust designed to care for a person’s human loved ones, which may be administered for decades after the settlor has passed away, pet trusts are frequently of a more temporary nature. Most pets do not live longer than ten to twenty years in total. There are of course exceptions - some bird species have a usual lifespan on par with humans. However, for animals with shorter lifespans, the trust need not be a particularly long-lasting one. Pet trusts automatically terminate upon the cared-for animal’s passing. It may be prudent to include a clause governing what should happen to any remaining trust funds. 

Assets contained in a pet trust that exceed the amount needed to appropriately care for the animal may be distributed to the beneficiaries you have named in your will, or if you do not have a will, to your intestate heirs. 

As with other types of trusts, you as the grantor have significant discretion in setting the terms of the trust. In general, the trustee is bound to follow the terms set out in the trust instrument and to use trust funds only for the care of the animal. Using a pet trust is likely one of the best ways to ensure that your pet will be well-cared-for even if you are not here to care for the pet yourself. 

Contact a Texas Trust Lawyer

Geoff Mayfield, Attorney at Law is skilled in creating trust instruments to accomplish a variety of purposes. Our experienced Comal County trust attorneys will strive to ensure that your estate planning goals are met. Call 210-535-0870 for a free consultation. 

Source:

https://statutes.capitol.texas.gov/Docs/PR/htm/PR.112.htm