Why is a pet trust a good option for my estate plan?
Transcript:
Hi, my name is Jordan Flake. I’m an Attorney, I’m also a managing partner at Clear Counsel Law Group. A few weeks ago I was invited to be on a radio program, and the host of the radio program pulled out an article about a wealthy family who had left millions of dollars to just like two or three dogs, and maybe one or two horses that they had. The host was kind of baffled by this and said, “Is this a real thing? Do people actually do this and leave money to their pets?” He asked that question and my response to him and my response to you is, absolutely. When you think about your assets, anything that you want to spend your money on, it is your money, during your life and when you pass away.
What these individuals probably set up is colloquially known as a Pet Trust. A Pet Trust really isn’t a Pet Trust, there’s nothing really pet about it besides the beneficiaries are normally the clients pets. I guess they can differ a little bit from regular Trusts because the Trustee may not be responsible for the care of the pets. Often times the clients will list an individual who’s actually going to take care of the pets themselves. Then the Trustee will compensate this individual who’s taking care of the pets. It is totally possible, and it’s reasonable, and it doesn’t even register with me anymore as to whether it’s weird or strange or inappropriate or anything like that.
To be honest with you, we just consider it our job to take whatever you’re estate planning wishes are. If they are legally enforceable, if they don’t run a foul of any kind of laws, or ethics, then we simply put those into motion, and make sure that you have the documents, to make sure it happens exactly the way you want. So feel free to come see us and we’ll set your pets up with something great.
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