Austin Probate Lawyers
Trust Funds for Pets
The pet product industry is one of the fastest growing areas. Now, it is not uncommon to see pets wear a different outfit for every day of the week. Doggie Day Care is increasingly popular as well as dog parks and anything else dog related. People feed their animals premium food, take them on vacation, and provide excellent veterinary care. In many cases, pets are people’s children.
Animals are allowed to have trust funds and caretakers since a law was passed in 1990. Since then, at least 27 states have adopted the measure allowing people to leave “money” and appoint a caretaker for their pet. These states include New York, New Jersey, and Florida.
Setting up a trust for a pet is very similar to one for a human child. A trustee must be named and a caregiver appointed. The trustee pays the caregiver a certain amount each month for food, grooming, etc. as they are in charge of the money. The trustee is also allowed to appoint a new trustee if the dog or cat is not being cared for in a satisfactory manner.
Most people do not make formal arrangements for the care of their pets after their death because they believe they’ll outlive their animals. As a consequence, more than 500,000 pets are killed each year in shelters because their former owners assumed that family or friends would look after the pet.
If you or someone you know has a beloved pet that is in need of a trust fund, contact the Austin Probate Lawyers of Slater and Kennon.
Centrally located in the Arboretum area of north Austin, the Slater & Kennon law firm represents clients in Travis County, Bastrop County, Burnet County, Williamson County, and Hays County, including the cities of Austin, San Marcos, Bastrop, Burnet, and Georgetown.