Pet Trusts in Gainesville, FL

What is a pet trust?

A pet trust is a way to make sure your pet is taken care of after you die or are incapacitated. In a pet trust, you leave money for the care of your pet. You also select a trustee to be the caretaker of your pet. That trustee will have access to the money in the trust to pay your pet’s food, shelter, veterinary care, and other expenses. This ensures that your pet is properly cared for after you pass away.

Although most pet owners are concerned about death, a good pet trust will also take care of your animals if you are incapacitated. For example, if you were comatose after a car accident, the pet trust would kick in and the named trustee would be able to start using the funds to pay your pet’s care. Without such a trust, your pet might not be cared for at all in the event of your incapacity. Or the pet could be watched, but no one would have the resources or motivation to pay for expensive veterinary bills.

Can an animal be the beneficiary of a trust?

Yes, but only if the animal is alive during your lifetime. Section 736.0408 of the Florida Statutes explicitly allows for trusts to be created for the care of an animal. But the statute limits this to animals that were alive during your life. This means that you can create a trust for your pet, but not for future animals not yet born.

What happens to a pet trust after the pet dies?

After the animal passes away, the trust is terminated. If the trust describes what happens to the assets at that point, the trust will be followed. If the trust is silent about what happens after termination, then the assets will go back to the settlor (the creator of the trust) or the settlor’s estate.

Can you put an animal in a will?

Yes, you can. If you legally own an animal (like a pet), then you can leave the animal to someone just like any other asset. You can also use your will to create a trust for that animal’s care. However, a better strategy is to set up the trust during your lifetime, so it is already in place when you pass away.

How do you fund a pet trust?

You can fund a pet trust with your assets, with life insurance, or by naming the trust as the beneficiary on a retirement or bank account. Any of these options will result in the trust being funded for the care of your pet.

Does a pet trust have to pay taxes?

If the pet trust generates an income, then that income is taxable. This is just like any other trust. The IRS does not make an exception for pet trusts.

Does a pet trust avoid probate?

A pet trust avoids probate if the trust is created during your lifetime. However, if the trust is created by your will, then the trust does not avoid probate and the assets will be counted as part of your probate estate. This is one of many reasons to set the trust up during your lifetime instead of simply including it in your last will and testament.

Where can I get a pet trust in Gainesville, FL?

The best way to get a pet trust is to visit a Gainesville trust attorney with experience in estate planning. Blake Moore practices in the Millhopper area of town, in the same parking lot as Floral Expressions Florist. He will be happy to draft your pet trust and handle any other of your estate planning concerns. Consider booking a free consultation.