Your Pet is Important to You
Our fur babies are a part of the family. For those of us with pets, it is important that we take care of them properly. When we are no longer able to do so, a pet trust can provide the tools that will enable your pet to be well cared for.
What is a Pet Trust?
In Oklahoma, a pet trust is a legal document created to provide for the care and maintenance of your pets in the event of your incapacity or death. Oklahoma enacted legislation that enables pet trusts in 2010. Essentially, it’s a way for you to ensure that your animals are cared for according to your wishes when you can no longer do so.
How A Pet Trust Works
A pet trust designates a caregiver (or trustee) and provides instructions for the care, maintenance, and expenses related to the pet’s well-being. A pet trust allows owners to specify detailed instructions for the care of their pets, including dietary needs, medical care, exercise routines, and living arrangements.
The trust document names all the parties, including the grantor, the trustee, and the pet. The trust also defines the terms of the trust, including its purpose, duration, and any conditions or limitations imposed on the trustee’s authority.
The turst will also usually include detailed instructions for the care and maintenance of the pet, covering aspects such as feeding, grooming, exercise, veterinary care, housing, and any other specific needs or preferences of the pet owner. Be thorough and specific to ensure the pet’s well-being.
A pet trust should also provide for unexpected contingencie, such as changes in the pet’s circumstances, the trustee’s incapacity, or the trustee’s inability to fulfill their duties. It may include provisions for the appointment of successor trustees and instructions for handling unforeseen events.
The trustee ensures that pets are cared for and receive adequate support, including food, shelter, veterinary care, and any other needs specified by the owner. Pet ownership can come with significant financial responsibilities, including food, veterinary care, grooming, and other expenses. By establishing a pet trust and funding it with designated assets, you can ensure that there are sufficient funds available to cover the ongoing expenses associated with caring for your pets.
The owner can fund the pet trust with assets specifically designated for the care of the pet. These assets can include cash, investments, life insurance proceeds, or other property. The trust assets are then managed by the trustee for the benefit of the pet.
The pet trust document should include detailed instructions regarding the care of the pet, including feeding schedules, veterinary care preferences, exercise routines, and any other specific needs or preferences of the owner. A pet trust usually continues for the lifetime of the pet. It can continue for a specified duration, depending on the owner’s preferences and the life expectancy of the pet.
The trust usually terminates upon the death of the pet. Any remaining trust assets can be distributed according to the owner’s instructions. For example, funds may be distributed to a designated beneficiary or charitable organization.
Is A Pet Trust Right for You and Your Pet?
By establishing a pet trust, you can have peace of mind knowing that your animals will be cared for. A Tulsa trust attorney can help you draft and impliment your pet trust. Peace of mind may be the most important motivation for many pet owners. Creation of a pet trust makes your wishes known and provides the vehicle to ensure that they are honored.
Without clear instructions or provisions for the care of pets in the event of your death or incapacity, disputes may arise among family members or others about who should care for the pet and how expenses should be handled. A pet trust can help avoid such disputes by clearly outlining your wishes and appointing a responsible trustee to oversee the care of the pet. The trust ensures that your wishes are legally enforceable and that the trust will be administered according to their instructions.
A Tulsa trust attorney can help you take care of your beloved pets and to ensure their continued care.
Consult With a Tulsa Trust Attorney
Bring us your questions and let’s see what we can do to help you reach your goals. We are here for you at Oklahoma Will & Trust. To make an appointment for your consultation, call (918) 876-4500. A skilled and sympathetic estate planning attorney can help you take care of your loved ones and reach your estate planning goals.