There are several kinds of trusts, including ones for pets. According to California Probate Code Section 15212, a pet trust is valid until terminated or when listed animals pass on, whichever comes first.
While you’re not required to create a trust for your dog, cat or another animal, it’s highly advisable you do so. Here are three reasons why:
You could save your pet from ending up in a shelter
When pets outlive their owners — and there’s no one readily available to take them in — they’re often kept in animal shelters until someone wants to adopt them. Though some animals are lucky to have a new owner adopt them right away, others remain homeless for months.
This puts pets at risk for euthanasia, a method many animal shelters use to reduce overcrowding. Making a trust for your pet saves its life by assigning a designated caregiver to safeguard its welfare instead of leaving it up to fate.
Pet trusts come in installment payments rather than lump sums
Creating a trust that disperses money on a certain schedule ensures the funds would be available until your pet’s death. Furthermore, it prevents unscrupulous individuals from attempting to take the money to use for their own purposes.
You should consider a pet trust if your animal has a long life span
Animals like parrots can live 50-80 years, and tortoises can live 200+ years. If you own these types of pets, a trust could guarantee their stay in the family for decades. Plus, your descendants might proudly brag that said animals once belonged to a parent or grandparent.
Reach out for experienced legal assistance for any questions about pet trusts.