See This Report on Estate Planning For Pets

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If the pet owner did not designate a trustee in his/her trust document, or if no designated trustee wants or able to serve, the district judge may call a trustee. Estate Planning for Pets. The judge may likewise order a transfer of the trust home to another trustee under the following conditions: If such action is needed to ensure the funds are utilized to care for the animal.


If no designated successor trustee accepts serve or has the ability to serve. Upon the death of the animal and termination of the trust, Montana law directs the trustee to move the remaining trust home not utilized for the care of the animal order as directed: In the pet owner's trust document.


Under Montana intestate succession statutes to the family pet owner's heirs (if the animal owner did not have a will). Funds in a trust for the care of a family pet after the death of the owner could originate from pay on death (POD) classifications on financial accounts to the trust or transfer on death (TOD) registrations with the trust as recipient for stocks, bonds, shared funds and annuities.

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Another source of financing is life insurance. A pet owner may fund a living or testamentary family pet trust by naming the trustee of the trust as the beneficiary of a life insurance policy. Estate Planning for Pets. Or, the animal owner might have a certain part of an existing policy payable to the family pet trust.


In Montana animals are not thought about as a "person" so they can not be named as a beneficiary of a life insurance coverage policy. Pet owners should speak with an attorney and/or life insurance representative about the correct way of calling the trustee of a pet trust as a recipient of a life insurance coverage policy.


A family pet owner might use life insurance and financial account assets to fund both the living and testamentary trusts by naming the trustee of a pet trust as the recipient of a designated portion or amount of these assets. A family pet owner need to speak with his/her attorney about the appropriate way of calling the trustee of the family pet trust as the recipient of these funds.

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The family pet owner also needs to decide if funds are to be assigned to provide the family pet with appropriate care when the caretaker is on getaway, out of town on business, getting treatment in a healthcare facility, or is otherwise temporarily not able to personally offer the pet. The size of the animal owner's estate must likewise be considered.


On the other hand, if the estate is small, the family pet owner may want to transfer a lower amount and direct the trustee to supplement trust earnings with withdrawals from the principal as required. The trustee for an animal trust requires to be an individual or corporation that a family pet owner has the confidence to manage the property in the trust prudently and make certain the caregiver recipient is doing an excellent job looking after the pet.




Another option is an expert trustee or corporation that has experience in managing trusts although an annual trustee charge will require to be paid. Functioning as a trustee can be a possibly troublesome position with lots of responsibilities. A family pet owner should go to with the possible trustee to be sure he/she wants to do the task when the time comes.

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If the potential trustee does not want to serve as the caregiver for the animal, a local veterinarian might be sought advice from to recommend an option. To prevent having a pet without a home, an animal protection organization such as the Humane Society or a "no-kill animal shelter" could be named as a last resort trustee.


Numerous of the exact go to website same information for care of the animal detailed in a trust could be applied to a financial power of lawyer. The monetary power of lawyer could even reference and incorporate the terms of a living or testamentary trust. Due to the fact that long lasting monetary powers of lawyer cease at the death of the pet owner, he/she might wish to think about a pet trust to attend to the continuing care for a pet after the owner passes away.


To prevent fraud, family pet owners need to plainly identify pets that are to get care under a will, trust, or power of attorney. There are a variety of approaches that might be used to avoid scams. A comprehensive description should consist of any distinct characteristics such as spots of colored fur and scars that can be included in the legal document.

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Future changes in laws can official site not be predicted and statements in this reality sheet are based entirely on the statutes in force on the date of publication. Agents from the following reviewed this publication and suggest its reading by this content Montana residents who remain in the procedure of developing an estate prepare for their pets: Service, Estates, Trusts, Tax and Real Estate Area State Bar of Montana Texas Tech University School of Law Lubbock, Texas We also value the tips provided by vets and owners of family pets, companion and service animals.


What is a pet trust and how can developing one aid you take care of your furry buddies? For a number of us, a pet is a true part of the family. There are tested health advantages to owning a pet like an increase in your exercise and more social interaction.




We all consider including and taking care of our human member of the family in our estate strategy, and we should prepare for our precious family pets too. With many animal fans out there, including our Hurley Senior Citizen Care Law group, preparation and making arrangements for family pets is a leading concern for a lot of our clients.