For this to be successful, you need to consider a variety of factors. Let us look at these issues.
Define a Caregiver
As an owner, choose a caregiver to handle the pet. When you do this, the person will become an actual administrator of the trust but aims to use the estate to enforce wishes of the testator.
Select a caregiver that will take care of the pet in a manner that you find acceptable. Don’t opt for a person that doesn’t love pets to handle a dog for you; they won’t do what you want.
Before you name someone as your caregiver, try and question them to make sure they have the capacity to handle the burden of taking care of the pet the way you want them to do. Taking care of pets is not an easy task, because they require specialized care as they age.
Additionally, try and bring the two together so that they can spend time together to make sure they get along with each other.
To make certain it is taken care of, come up with several substitute caregivers should the main one fail to attend for as long as you expect them.
To be certain the pet doesn’t become homeless at some point; try to authorize the executor to choose a decent foster home for your pet should the named individuals bail out.
Apart from naming a caregiver, try to come up with a panel to locate a caregiver even when the owner is dead. This panel can use local media to identify and work with a caregiver who suits your wishes.
Get a TrusteeYou need to choose a representative with utmost care and talk to them before making a choice. Their role is to administer the estate on behalf of the pet. Make sure they have enough time to do it, and they are willing without being pushed.Usually, you set aside some funds to compensate the executor for his services. Should the named executor be incapable to attend till the trust ends, you need to name alternate people to replace him.
Determine the Value of the Trust
You need to determine what part of the estate should be put in the trust. The amount that you select needs to be enough to take care of the animal and to pay for the trustee.
Consider various aspects when determining how much you need to put in the trust. This includes the sort of pet that you have as well as the life expectancy, medical expenses and living standards you desire the pet to be exposed to.
Consider the cost of caring for the animal, whether it is with a pet sitter or a foster home. This service is ideal the designated caregiver is away for business, on holiday or in hospital. The service is also ideal for a caregiver who is incompetent when it comes to handling the pet.
You also need to ponder on the size of the estate. If it is large, you can transfer sufficient property to the executor. If it is small, you can also limit the sum that you put on the estate.
Avoid transferring a large part of the estate to the trust it can encourage the other successors to challenge the will. Make sure you determine the sum that is ideal for the animals and then supply funds to the arrangement the right way. If the court determines that the estate is too big, it might reduce this amount to a reasonable standard according to the information presented.
Make sure you insist on the kind of upkeep the pet should receive. Typical care includes food, housing, medical care, grooming and burial fees.
When you have pets, try and make sure that you come up with the right estate plan that will be reasonable for the pet. Remember not to leave everything to the pet because it will be contested by other beneficiaries. Talk to an estate planning lawyer to get advice.