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If the family pet 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 might name a trustee. Estate Planning for Pets. The judge might also purchase a transfer of the trust residential or commercial property to another trustee under the list below conditions: If such action is required to make sure the funds are used to take care of the family pet.


If no designated follower trustee consents 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 staying trust residential or commercial property not utilized for the care of the animal order as directed: In the family pet owner's trust document.


Under Montana intestate succession statutes to the pet 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) designations on financial accounts to the trust or transfer on death (TOD) registrations with the trust as recipient for stocks, bonds, mutual funds and annuities.

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Another source of funding is life insurance coverage. A family pet owner may fund a living or testamentary animal trust by calling the trustee of the trust as the recipient of a life insurance policy. Estate Planning for Pets. Or, the family pet owner might have a particular part of an existing policy payable to the pet trust.


In Montana animals are not thought about as a "individual" so they can not be called as a recipient of a life insurance coverage policy. Pet owners must talk to a lawyer and/or life insurance agent about the correct way of naming the trustee of a pet trust as a recipient of a life insurance coverage policy.


A pet owner may use life insurance and financial account assets to fund both the living and testamentary trusts by naming the trustee of a pet trust as the recipient of a designated portion or amount of these assets. A family pet owner need to seek advice from with his/her lawyer about the right way of naming the trustee of the animal trust as the recipient of these funds.

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The pet owner likewise needs to choose if funds are to be assigned to provide the animal with proper care when the caretaker is on trip, out of town on business, getting treatment in a health center, or is otherwise briefly unable to personally attend to the animal. The size of the pet owner's estate need to also be thought about.


On the other hand, if the estate is small, the animal owner might want to transfer a lower quantity and direct the trustee to supplement trust income with withdrawals from the principal as required. The trustee for a the original source pet trust requires to be an individual or corporation that an animal owner has the self-confidence to handle the residential or commercial property in the trust wisely and ensure the caretaker recipient is doing a great task taking care of the animal.




Another option is an expert trustee or corporation that has experience in managing trusts despite the fact that an annual trustee charge will need to be paid. Serving as a trustee can be a potentially burdensome position with numerous responsibilities. A family pet owner ought to check out with the potential trustee to be sure he/she wants to do the task when the time comes.

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If the possible trustee does not desire to serve as the caregiver for the pet, a local veterinarian could be spoken with to recommend an option. To prevent having a pet without a house, an animal protection organization such as the Humane Society or a "no-kill animal shelter" might be called as a last hope trustee.


Much of the exact same details for care of the pet described in a trust could be applied to a monetary power of attorney. The monetary power of lawyer could even reference and integrate the terms of a living or testamentary trust. Because long lasting monetary powers of lawyer cease at the death of the pet owner, he/she might desire to consider a pet trust to offer the continuing care for a family pet after the owner passes away.


To prevent fraud, animal owners must clearly identify family pets that are to get care under a go to the website will, trust, or power of lawyer. There are a range of techniques that may be utilized to prevent scams. An in-depth description must include any special attributes such as blotches of colored fur and scars that can be included in the legal file.

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Future changes in laws can not be anticipated and declarations in this truth sheet are based exclusively on the statutes in force on the date of publication. Representatives from the following examined this publication and recommend its reading by Montana citizens who remain in the process of establishing an estate strategy for their pets: Service, Estates, Trusts, Tax and Real Estate Area State Bar of Montana Texas Tech University School of Law Lubbock, Texas We also value the recommendations offered by vets and owners of go to the website family pets, companion and service animals.


What is a pet trust and how can developing one aid you take care of your furry buddies? For numerous of us, a family pet is a true part of the family. There are proven health advantages to owning a family pet like an increase in your physical activity and more social interaction.




We all think about including and caring for our human family members in our estate plan, and we must plan for our beloved pets. With numerous animal lovers out there, including our Hurley Elder Care Law team, planning and making provisions for pets is a leading concern for a number of our customers.