As a pet lover, we know it is important to care for your pets no matter what!If you are a pet owner, it’s important to understand your options for pet trust planning in Florida.
What is a Pet Trust?
A pet trust is a legal arrangement that provides for the care of your pets in the event of your disability or death.
When Can a Pet Trust Be Created?
A pet trust can be created during your lifetime or as part of your estate plan. A lifetime pet trust is funded with assets during your lifetime and is used to care for your pets if you become incapacitated. A testamentary pet trust is created as part of your will and is funded after your death.
Why Create a Trust for your Pets?
There are many benefits to creating a pet trust, including peace of mind knowing that your pets will be provided for and that you have selected a trustworthy caregiver. A pet trust can also help you save money on estate taxes and ensure that your pets are not sold or given away if you become incapacitated or pass away.
If you live in Florida, there are some specific things you need to know about creating a pet trust. First, Florida law requires that all trusts must be in writing and signed by the person creating the trust (the “grantor”). The grantor must also have the mental capacity to understand the terms of the trust and the nature of the property being placed into trust.
Second, Florida law requires that all trusts have a valid purpose. A pet trust must have a valid purpose under Florida law, which includes providing for the care of one or more designated animals during the animal’s lifetime.
Third, Florida law requires that all trusts contain certain language. The language required for a valid Florida pet trust is set forth in section 736.0406 of the Florida Statutes. This section requires, among other things, that the trustee has authority to take all actions necessary to carry out the purposes of the trust and that the trustee has discretion in using Trust assets for the health, maintenance, safety, and general welfare of the animal beneficiaries.
Beneficiary Must Be an Animal
Fourth, Florida law requires that all trusts have at least one named beneficiary who is an animal. The animal beneficiaries must be specifically identified in the trust agreement. Additionally, if there are two or more animal beneficiaries, each beneficiary must be specifically identified and requirements as to how Trust assets may be used for each beneficiary must be set forth in detail in the Trust agreement.
Florida Law Requirements for a Pet Trust
Fifth and finally, Florida law requires that all trusts name at least one human trustee who resides in Florida at the time of execution of the Trust agreement or who reasonably expects to reside in Florida at all times during which he or she serves as trustee. The human trustee must be competent to manage property under Fla. Stat. 736.0103 and must meet any other qualifications required by chapter 736 or by any other provision of law applicable to trustees generally.
Creating a pet trust is a great way to provide for your pets if something happens to you. If you live in Florida, there are some specific things you need to know about creating a pet trust so that it will be valid under state law. Work with an experienced attorney to create a pet trust that meets your needs and gives you peace of mind knowing that your pets will be taken care of if something happens to you.
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