A pet trust is a legal entity you create by producing a file that includes specific and legally needed terms. If you use your Will to establish the trust, it will be developed after you die, though you can likewise produce a trust outside of a Will that ends up being efficient right away. Once developed, the trust owns property and uses it for the advantage of your family pets.
Concern 2: Who cares for my pet after I die?
When you create a pet trust you name someone to manage the trust, understood as a trustee, and an individual who will serve as the family pet’s caregiver, known as a beneficiary. The trustee, on the other hand, will keep an eye on the caretaker’s actions and make sure the caretaker is satisfying the terms you established. The trustee will also provide the caretaker payments that will enable the caretaker to pay for your pet’s needs.
Question 3: Do I have to pay the trustee and the caregiver?
Trustees are entitled to get reasonable settlement for their actions in handling the trust, though some might agree to manage the trust without payment.