When the terms are set, a successor beneficiary is named to assume ownership of any remainder that may be left in the trust after the death of the animal. … [Read more...] about What happens to assets that may remain in the trust after the death of the pet?
When does a pet trust terminate?
In the state of Arkansas, the trust would no longer exist after the death of the pet if it was created to benefit a single animal. If there are multiple pets named in the trust, it would terminate … [Read more...] about When does a pet trust terminate?
How does that work?
Assets are conveyed into the trust for the benefit of the pet. A trustee is named by you to act as the Trustee after you pass away. The trustee does not necessarily have to be someone that you know … [Read more...] about How does that work?
Is there any other estate planning alternative for pets?
Yes, there is an ideal device for pet planning. You could create a pet trust for the benefit of your pet. Laws in all 50 states allow for the creation of pet trusts. … [Read more...] about Is there any other estate planning alternative for pets?
If you cannot leave the pet any money, how do you handle the financial part?
You could leave the caretaker a direct bequest with stipulations that the money will be used to take care of the pet. … [Read more...] about If you cannot leave the pet any money, how do you handle the financial part?