When setting up your affairs for what happens after you die in Florida, one thing you have probably considered is what the fate of your pet will be. You may have even put some specific instructions about the care your pet is to receive in your will. One thing you may not be aware of, however, is something known as a pet trust.
What is a pet trust?
The American Society for the Prevention of Cruelty to Animals states that a pet trust works similarly to any other trust fund, in that it takes effect during your life and remains in effect after your death. The trustee in a pet trust is legally obligated to provide care for the pet or pets listed in the document, using the funds that are set up in the trust.
Advantages of a pet trust
A pet trust has a number of advantages to simply putting your pet in your will. For one thing, you get the same protections afforded by a trust for the money you put into a pet trust, allowing you to ensure that the money you put aside for your pet will be used for its care after your passing.
The other nice thing about a pet trust is that you can specify the level of care you expect the animal to receive. Pet trusts will usually last for the entire lifetime of the animal listed in the trust. Also, if there are funds left over once your pet passes, you can designate a beneficiary who will receive the remainder.
This article is meant to give information about pet trusts and is not legal advice.