California law (Probate Code Section 15212) provides for the ability to leave your assets for the benefit of your animal(s).
The following are the key issues that must be addressed when drafting a valid Pet Trust:
- Definition of the animal(s) covered under the Trust;
- Caretaker for the animal(s) who is left with detailed instructions and right to enforce the terms of the trust;
- Adequate funds (not unreasonably high);
- Trust terms for the distribution of the funds should the animal not live to exhaust the funds left for his/her benefit;
- Designation of a Trustee (best if a different person from caretaker); and
- Method of accounting and provisions allowing for inspection of premises, books, and records.
Essential Terms and Considerations:
I. Assessment of Funds:
Although it can be difficult to truly assess how much will be needed for the care of your pet, it is important to estimate to the best of your ability based on the type of pet, any special needs, and its age to arrive at the value left for its benefit. This is of particular importance because leaving an unreasonably high dollar amount for your pet can subject your trust to legal challenges and ultimately result in the court getting involved and reducing the amount you leave for your pets.
Another way to avoid the potential for court modification and reduction is to specifically articulate how the funds will be distributed to your pet and how the pet should be taken care of including visits to veterinarian, any special diets the pet may have, etc.
II. Caretaker Compensation
In addition to the above it is best to incentivize the caretaker to carry out your wishes for the benefit of your pet(s) by providing compensation for your caretaker.
III. Effect of Pet Trust if you are still Living:
Provide for the care of your pet(s) should you become temporarily or permanently incapacitated.
IV. Caretaker Unable to Provide
Provide for a succession plan should your caretaker be unable to care for your pet by specifically indicating whether the pet(s) should be placed with another caretaker or with a center for animals.
Pet Trusts can give you piece of mind in knowing your pet(s) are cared for, however, if not properly drafted can give rise to legal challenges. We can help guide you through your options to leave the care and support you wish for your pet(s). Contact our firm for a personal consultation in your drafting needs.
