Many people love their animals and treat them as a member of the family. You might have one or more animals that may outlive you. You hope that someone in the family will take care of the pets, but you can’t always count on that – especially if you don’t have family members who like pets or if your pets require special care. The family member might send the pets to a shelter or give them to someone else – but you don’t know if the new pet owner will take care of your pet as you would. Georgia has a solution to this problem, a pet trust.
Pet Trusts
Some animals, such as horses and parrots, live long lives. Depending on the type of parrot, it could live for 75 years. Parrots and certain animals require special care. Larger animals, such as horses, also require special care – and a farm or at least a barn.
You can provide for your animals after your death by creating a pet trust as long as the pet is alive during your lifetime.
Pet Trust Specifics
A pet trust ends upon the death of the pet or last living pet for which it is established. The trust is funded with money to care for the pet and names a trustee to care for the pet utilizing the funds.
Since a pet trust is enforceable under Georgia law, if the trustee cannot fulfill his or her duties or if the trustee dies, the court can appoint another person to take care of the animals under the trust.
Where Do the Remaining Assets Go?
Once the trust terminates because the pet dies, the trustee transfers any remaining trust property as directed in the trust. Typically, the trust will provide one or more beneficiaries who receive any remaining trust property or in the absence of a specified beneficiary, the remaining trust property is distributed to the residuary beneficiaries or the settlor’s heirs.
Contact Grissom Law
If you have a pet that you expect will outlive you, contact Grissom Law, LLC in Johns Creek, Georgia, we will work with you to create an estate plan that includes your pets.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.