What is a Pet Trust?
- Posted on: May 16 2019
Many pet owners view their pets as a part of the family, which is why they often worry about how their pets will be cared for after their passing. Given this concern, it is common for pets to factor into the estate planning process in Mississippi. An excellent way to ensure that a pet will be cared for following its owner’s disability or death is with a pet trust. Below is an overview of pet trusts in Mississippi.
How does a pet trust work?
A pet trust is a legal arrangement that lays out the details regarding a pet’s care following the disability or death of its owner. When an owner establishes a pet trust for his or her pet, a trustee holds property in trust for the benefit of the named pet. Funds are then transferred to an individual who has been designated as the pet’s caregiver in the trust documents. Pet trusts usually cover a number of common pet care requirements, including information regarding veterinary care, food needs, exercise preferences, and other general care issues.
Mississippi pet trust requirements
When a pet owner establishes a pet trust in Mississippi, he or she typically includes the following types of information:
- The pet’s name
- The type of pet
- The breed of pet
- The funds required to cover the pet’s expenses
- The name and address of the trustee
- The name and address of the pet’s caregiver
- The way that the funds will be transferred to the pet’s caregiver
- The funds required to cover the trust’s administration expenses
- Information regarding the pet’s standard of care and living
- The name and address of the person designated by the pet owner to enforce the terms of the pet trust
- Designation of a remainder beneficiary in the event that funds still remain in the pet trust following the death of the pet
- Instructions regarding the pet’s burial and/or cremation
Mississippi Estate Planning Attorneys
Estate planning can be a complicated endeavor, and people often overlook important steps when attempting to navigate the process alone. Therefore, if you’d like to effectively plan for your pet and family’s futures, please consider contacting an experienced Mississippi estate planning attorney to discuss your estate planning options. At Palmer & Slay, PLLC, our attorneys will work with you to ensure that your pet and family are provided for following your passing. Our experienced estate planning attorneys utilize our education, experience, talents, and abilities to provide excellent legal service to clients in Rankin County and the Jackson metropolitan area. Whether practicing in the areas of estate planning, elder law, probate law, or others, our goal is to help our clients achieve peace of mind by providing the most effective and efficient legal assistance possible. Please contact us today for a free consultation.
Posted in: Estate Planning