 | | Parrot Chatter Talk about anything and everything parrot or pet bird related. |
02-13-2007, 02:02 PM
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#12 | | | Here’s a few sites that talk about Pet Trusts. There is a lot of information and it's all very interesting reading. Don’t Count On The Will In her will, Jane left $10,000.00 to her sister, Nancy, for the care of her dog, Max. Nancy cried at her sister Jane’s funeral then took Max to the pound and left with the $10,000.00 for a shopping spree in Paris. No one, including the court, could do anything about that.
Because pets are considered property, they cannot legally inherit. Jane is not permitted to leave anything directly in her will to her pet. A court has the right to determine if too much money has been put into a pet trust. Therefore it is important to explain the reasons for generous funding in the pet trust. http://www.estateplanninglawyernewyo...et-trusts.html Thirty-five states, and District of Columbia, have enacted full or partial consideration to the legality of pet trusts. Two states, California and Wisconsin, permit pet trusts but will not enforce them. http://www.bankrate.com/brm/news/advice/20020916a.asp In any state, you can always establish a traditional trust for the care of a pet that is carefully-drafted to avoid the legal pitfalls. The trick is to transfer the pet itself and the caretaking funds into the trust, as trust property, name the caretaker who takes care of the pet as a beneficiary of the trust, and designate the party who will watch over the caretaker and the caretaking funds as the trustee of the trust. This type of “pet trust” affords much more flexibility and practical enforceability than the previous two alternatives above. http://estateplanningforpets.org/faq7.htm |
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02-13-2007, 02:33 PM
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#13 | | | Quote:
Originally Posted by Stizby Michigan laws specifically authorize the creation of Pet Trusts. You might want to look into whether the laws of your state do the same. | Thanks for the heads up about Pet Trusts. I was thinking a Will would be fine. I see now it won't be. We can set up a Pet Trust here in New York. From what I'm reading some attorneys specialize in doing these. |
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02-13-2007, 07:35 PM
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#14 | | | Quote:
Originally Posted by FeathersNFur8 | great...california doesn't enforce pet trusts? i think i gotta move somewhere else... |
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