asrelates to Pet Trusts. Yes, that is covered in my book among many other people related trusts.
In any event, according to a 2000 estimate, Americans own about 68 million dogs and 73 million cats. The desire to protect dogs and other animals seems to be of critical importance to many. With an increasing elderly population and more and more people living alone, many people may not have a family member or friends able to care for their dogs.
In states without Pet Trusts, the most predictable and reliable method to provide for a pet is for you to create a trust in favor of a human beneficiary and then name a trustee to make distributions to the beneficiary to cover the pet’s expenses provided the beneficiary is taking proper care of the pet. This technique avoids the two traditional problems with gifts to benefit pets. There is an actual human beneficiary with standing to enforce the trust and there is a human measuring life for the rule against perpetuities (don’t worry, even many lawyers don’t understand that ancient rule). This conditional gift in trust approach provides for more flexibility and a greater likelihood of your intent being carried out.
If your state has a Pet Trust statute and Pennsylvania does, then your dogs can be the beneficiary with the Trustee making distribution for the benefit of the dogs. Your estate planning attorney can help make sure your Pet Trust meets the requirements of the statute.
Have your questions answered with your comments or submit an inquiry through http://www.ythlaw.com/
In states without Pet Trusts, the most predictable and reliable method to provide for a pet is for you to create a trust in favor of a human beneficiary and then name a trustee to make distributions to the beneficiary to cover the pet’s expenses provided the beneficiary is taking proper care of the pet. This technique avoids the two traditional problems with gifts to benefit pets. There is an actual human beneficiary with standing to enforce the trust and there is a human measuring life for the rule against perpetuities (don’t worry, even many lawyers don’t understand that ancient rule). This conditional gift in trust approach provides for more flexibility and a greater likelihood of your intent being carried out.
If your state has a Pet Trust statute and Pennsylvania does, then your dogs can be the beneficiary with the Trustee making distribution for the benefit of the dogs. Your estate planning attorney can help make sure your Pet Trust meets the requirements of the statute.
Have your questions answered with your comments or submit an inquiry through http://www.ythlaw.com/
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