How To Choose Between a Pet Protection Agreement and a Pet Trust
If you want to make sure your pets are taken care of when you die or become disabled, you can create a pet protection agreement or pet trust.There are some differences between the two documents.You should take an inventory of your needs to choose between the two.
Step 1: Understand the purpose of these documents.
A pet trust and a pet protection agreement are legal instruments that can be used if you die or become disabled.Detailed instructions for the care of your pets are provided in these documents.
Step 2: Check to see if you can afford an attorney.
A lawyer is needed to draft a pet trust.A lawyer can draft the trust for you for $1,000 or more.There is a way to create a pet protection agreement.You can see sample trust documents on the internet, but you really need a lawyer to draft a trust that is valid in your state.
Step 3: Do you want the pet with you in the nursing home?
Pet protection agreements can't guarantee that a pet will be able to live with you in a long-term care facility.If you draft a pet trust, any nursing home that takes your pet along with you will receive a portion of the trust funds.This can give a nursing home incentive to take your pet.
Step 4: How much money do you want to leave?
If you leave a lot of money for your pet's care, you should probably use a pet trust.The assets will be managed so that they last as long as possible with a trust.If your pet is young, it makes sense to have a trust.A pet that you expect to live for a decade or more could cost a lot of money.
Step 5: Will your heirs challenge your decision?
If you expect your heirs to challenge your decision to leave money to your pet, a pet trust is ideal.A pet trust is preferable to a pet protection agreement.Think about your relationship with your children.Are you on good terms?How much do you love your pets?Your heirs could challenge your attempt to leave money for the care of your pets.
Step 6: Choose between the two documents.
It's up to you if you choose a pet protection agreement or pet trust.They are very similar.If you die or become disabled, either will provide for your pets' care.You need to consider whether you can afford an attorney.You should pick a pet protection agreement if you can't.Should you have to live in a long-term care facility with your pets?If you use a pet trust, you are more likely to live with your pets.You will leave the amount of money.A large amount of money could lead to a legal challenge from your heirs.Adding protection to your wishes is provided by a pet trust.Will your heirs challenge your wishes?You should choose a pet trust if you think they will challenge your agreement.
Step 7: You can find a lawyer.
If you want to create a pet trust, you need an experienced trust and estates lawyer.Asking friends or colleagues for a recommendation is a good idea.The bar association in your state should run a referral program.Your local animal welfare organization can give you attorney recommendations.The trust attorney must have created a pet trust before.A pet trust is different from a regular trust, and you want an attorney who knows how to create it.
Step 8: Pick a Trustee.
You need to name a Trustee in order to create the trust.The person who is obligated to carry out the trust is called the Trustee.The funds in the trust will be managed by a person.The person you pick should be able to handle money.The person may or may not be a family member.If your original Trustee declines to serve or dies, you should pick a successor Trustee.
Step 9: Pick a person to look after the pet.
You will also name the person who is caring for you.The person will care for your pet.The trustees and caregivers should not be the same person.The trustees can act as checks on the caregivers.You should make sure that the trustees and caregivers work well together if you don't want them to be the same person.If they don't, it will be difficult for the caregivers to get funds from the Trustee.Remember to choose a successor as well.If you have more than one pet, you will need to decide if they should go to the same home.Pets with bonds should be kept together.
Step 10: The instructions for your pet's care should be drafted.
You should provide detailed instructions when you meet with your attorney.Do not think that the person you are with knows what you want.You should think about whether you want the caregivers to take your pet to a particular vet.The number of times the pet must visit the vet can be set.What kind of food does the pet like?Does it feel like a daily walk in the park or afternoon naps for the pet?What kind of care do you want for your pet?In order to restore your pets to good health, you might request that reasonable medical care be provided.The Trustee can inspect your pets annually to make sure they are taken care of.Pets can be euthanized if they are not in good health.You should state what you want to do with the remains.
Step 11: Money should be set aside.
The trust will be funded with assets.The assets will be used to care for the animal.You should talk to your lawyer about how much money you want to put into the trust.Your relatives might challenge the trust if you put in too much.
Step 12: You can leave a portion of funds in the nursing home.
To encourage a nursing home to let the pet move with you to a facility, you can include in your trust directions that a portion of the trust property will be given to any facility that allows you and your pets to stay together.When your pet dies, you should think about who to leave the assets to.A lot of people leave money to an animal shelter.
Step 13: You can sign in front of your lawyer.
Your lawyer will make sure that the trust complies with all of your state's legal requirements.He or she should arrange for witnesses to be present at the signing.You should get a copy of your trust agreement from your lawyer.Copies should be given to your vets, trustees and caregivers.
Step 14: You can choose a guardian.
The guardian is the person who will care for your animals in the event of your death or incapacity.If you speak to any potential guardians, you should ask if they are willing to serve.You should not name anyone until you are certain that they will take care of your pets.The guardian should have met your pets.Some people will be willing to serve as a guardian without ever meeting your pet.They might change their minds after some time together.A successor guardian can also be named.When naming your sister as your primary guardian, you might also name your niece as the successor.If your sister is unable to serve, your niece can take over as guardian to your pets.If your guardian or successor guardian dies, you should name a shelter or sanctuary as a retirement home.
Step 15: Pick successor beneficiaries.
If money remains after your pets die, then it must be distributed.Should any of these assets remain, you should think about who you want to receive them.
Step 16: The form for pet protection needs to be completed.
A sample/fillable pet protection form is available for $39 from legalzoom at http://www.legalzoom.com/personal/estate-planning/pet-protection-agreement-overview.html
Step 17: You can write your own agreement.
A pet protection agreement can be created by typing up a letter and signing it in front of a couple of witnesses.The guardian has to sign before the witnesses.The letter needs to include your name and address.The names of the guardian and successor guardians.If no one is willing to take your pet, an organization will take it.A description of your pet's name, breed, age, coat, eye color, and size.Instructions for the care of a pet.Money left for the care of the pet.The source could be a bank, life insurance company, or policy number.A distribution representative's name.The funds will be held by this person and distributed to the guardian.Please include the representative's name and contact information.A successor distribution representative should be named.The name of the successor beneficiaries.You should include their names, addresses, and the amount of money they will get after your pets die.The guardian and distribution representative are paid compensation.Before drafting your pet protection agreement, you need to discuss compensation with your guardian and distribution representative.
Step 18: You can distribute copies.
Copies of your pet protection agreement should be given to the following people.
Step 19: Put money aside.
When the agreement is signed, you should make a one-time payment.The payment needs to be made to the caregivers.A legal contract is created by making payment.