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If the animal owner did not designate a trustee in his/her trust document, or if no designated trustee is willing or able to serve, the district judge may call a trustee. Estate Planning for Pets. The judge may likewise purchase a transfer of the trust property to another trustee under the following conditions: If such action is required to make sure the funds are used to care for the pet.


If no designated successor trustee concurs to serve or has the ability to serve. Upon the death of the animal and termination of the trust, Montana law directs the trustee to move the remaining trust home not used for the care of the pet order as directed: In the animal owner's trust file.


Under Montana intestate succession statutes to the animal owner's beneficiaries (if the pet owner did not have a will). Funds in a trust for the care of an animal after the death of the owner might come from pay on death (POD) classifications on financial accounts to the trust or transfer on death (TOD) registrations with the trust as beneficiary for stocks, bonds, mutual funds and annuities.

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Another source of financing is life insurance coverage. An animal owner might money a living or testamentary family pet trust by naming the trustee of the trust as the recipient of a life insurance policy. Estate Planning for Pets. Or, the pet owner may have a certain part of an existing policy payable to the animal trust.


In Montana family pets are ruled out as a "individual" so they can not be called as a recipient of a life insurance coverage policy. Family pet owners should speak with an attorney and/or life insurance coverage representative about the proper method of calling the trustee of a pet trust as a recipient of a life insurance coverage policy.


A pet owner may use life insurance and monetary account properties to fund both the living and testamentary trusts by naming the trustee of a pet trust as the recipient of a designated portion or quantity of these properties. A family pet owner need to consult with his/her lawyer about the right way of calling the trustee of the pet trust as the recipient of these funds.

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The pet owner likewise requires to decide if funds are to be allocated to supply the animal with correct care when the caretaker is on getaway, out of town on service, receiving treatment in a medical facility, or is otherwise momentarily unable to personally attend to the pet. The size of the family pet owner's estate must likewise be considered.


On the other hand, if the estate is small, news the pet owner might want to transfer a lower amount and direct the trustee to supplement trust earnings with withdrawals from the principal as needed. The trustee for a family pet trust needs to be a specific or corporation that a pet owner has the self-confidence to handle the home in the trust prudently and ensure the caretaker recipient is doing a great task taking care of the family pet.




Another choice is a professional trustee or corporation that has experience in handling trusts even though an annual trustee cost will need to be why not try these out paid. Acting as a trustee can be a potentially challenging position with many duties. An animal owner must go to with the prospective trustee to be sure he/she wants to do the job when the time comes.

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If the prospective trustee does not desire to serve as the caregiver for the animal, a regional vet might be sought advice from to suggest an alternative. To prevent having a family pet without a house, an animal defense company such as the Humane Society or a "no-kill animal shelter" could be called as a last hope trustee.


Much of the very same information for care of the pet detailed in a trust could be applied to a financial power of attorney. The financial power of lawyer might even reference and integrate the terms of a living or testamentary trust. Since resilient financial powers of lawyer stop at the death of the pet owner, he/she may want to think about a pet trust to offer the continuing take care of a pet after the owner passes away.


To avoid fraud, family pet owners need to clearly recognize family pets that are to receive care under a will, trust, or power of attorney. There are a range of techniques that may be used to avoid fraud. A detailed description should include any special qualities such as blotches of colored fur and scars that can be consisted of in the legal document.

How Estate Planning For Pets can Save You Time, Stress, and Money.

Future modifications in laws can not be anticipated and declarations in this fact sheet are based solely on the statutes in force on the date of publication. Agents from the following reviewed this publication and suggest its reading by Montana residents who are in the process of developing an estate plan for their animals: Business, Estates, Trusts, Tax and Real Home Area State Bar of Montana Texas Tech University School of Law Lubbock, Texas We also appreciate the tips provided by veterinarians and owners of pets, buddy and service animals.


What is a pet trust and how can developing one help you look after your furry buddies? For a lot of us, a family pet is a true part of the family. There are tested you can check here health benefits to owning an animal like a boost in your exercise and more social interaction.




We all think about including and caring for our human household members in our estate plan, and we must prepare for our precious family pets. With numerous animal lovers out there, including our Hurley Senior Care Law team, planning and making arrangements for family pets is a leading concern for a number of our clients.