Thursday, July 28, 2011

Don't Leave Rover Out Of Your Estate Plan

Pet Trust Law: In recent years, laws have been passed allowing pet trusts to be created on behalf of family pets. The Utah Uniform Probate Code says, "A trust may be created to provide for the care of a pet or animal as provided in Section 75-2-1001." (Utah Probate Code 75-7-408)

An Extreme Example: An extreme example of a person creating a pet trust for their pet is Leona Helmsley, a billionaire, who created a pet trust for her dog, Trouble. Ms. Helmsley funded Trouble's pet trust with $12 million. The $12 million was subsequently reduced to $2 million.

Pet Trusts: A pet trust ensures your pet is taken care of if you are no longer able to do so. A pet trust enables you to name guardians of your pet, allows trustees to remove guardians if necessary, provides basic compensation for guardians, provides basic needs for your pet including health check ups, and provides for burial needs at the death of your pet. With the life expectancy of pets increasing, it is a good idea to consider a pet trust for your pet when you prepare your estate plan.

Fun Pet Websites:
dog guide
best friends

Visit us here to learn more about pet trusts.

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