If you've researched pet trusts, and are a pet owner who is concerned about the future well being of your animal when you are no longer able to care for him or her, you've most likely discovered the necessity for this part of your estate planning. Even after deciding to obtain a pet trust, however, pet owners continue to have questions concerning the legal process and funding of such a trust.
So how much money should you actually leave for your pet through a pet trust? The answer to this question will vary according to two factors: the size of your estate and the amount of money that is necessary to actually take care of your pet. A qualified California pet trust attorney will be able to counsel you regarding the easiest way to translate the sum of your assets into a logical and substantial amount for pet trust funding.
As a pet owner, only you are fully aware of the costs required for the care of your animal. You know the specifics requiring your pet's needs (and preferences), and you understand the price tag attached to those needs. For example: Does your pet have a medical condition that requires frequent medication or veterinarian visits? Does your pet require a certain brand of food due to food allergies or digestion problems? How much do these things cost you on a yearly basis? After careful consideration of these costs in caring for him or her, and factoring in the life expectancy of your pet, you should have a good idea on the amount of money that will be necessary to adequately fund a pet trust.
There is a limit, however, to a prudent amount needed to fund a California pet trust. In the well-known case of Leona Helmsley, the exorbitant $12 pet trust she left for her Maltese named Trouble was indeed trouble for the courts. After probating her will, the courts determined the amount to be excessive for her pet's needs, and redistributed the money. Trouble's pet trust retained $2 million, while the remainder went to charitable animal organizations and to the grandchildren who were purposefully left out of Helmsley's will.
The amount needed to adequately fund your pet's trust is an important decision, and should not be one that is undertaken without careful consideration and consultation with a qualified California pet trust attorney. A pet trust lawyer who has years of experience handling pet trusts will be able to guide you in the right direction, ensuring the proper care of your pet during situations in which you are no longer able to care for him or her on your own.
Kevin Von Tungeln is the Managing Partner of TVTTrustLaw.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration. Visit http://www.TVTTrustLaw.com or call (661) 945-5868 to learn more.
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