A TRUST FOR YOUR BEST FRIEND!
Did you know you can set up a Trust for your dog, cat, bird, horse, or even guinea pig, to be sure they will be taken care of after you’re gone? It’s true. Illinois’ Pet Trust Statute has been in existence since 2005, and it allows you to provide in your Revocable Living Trust or Last Will and Testament that one or more Trusts will be created and maintained for the sole benefit of your pet or pets following your death.
When preparing the governing instrument, you will specify the following:
- Which pet or pets are the “beneficiaries” of the Pet Trust.
- Who will be the Trustee of the Pet Trust.
- How much cash will be held in the Pet Trust to provide the care needed for your pet or pets.
- What happens to any cash remaining in the Pet Trust following the death of the pet beneficiary(ies). It can be donated to a shelter or other charitable organization benefiting animals, or distributed to specific individuals.
- Any other instructions you wish to include to provide direction to the Trustee.
If you have pets who are part of your family, and you want to be sure they will be cared for if you’re not around, take advantage of this legal way to do so. The estate planning attorneys at Waltz, Palmer & Dawson, LLC can work with you to create a Pet Trust for your best friend.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.