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If the pet owner did not designate a trustee in his/her trust file, or if no designated trustee is prepared or able to serve, the district judge might call a trustee. Estate Planning for Pets. The judge might also purchase a transfer of the trust home to another trustee under the following conditions: If such action is needed to ensure the funds are used to look after the family pet.


If no designated successor trustee consents to serve or is able to serve. Upon the death of the family pet and termination of the trust, Montana law directs the trustee to transfer the staying trust home not used for the care of the pet order as directed: In the family pet owner's trust file.


Under Montana intestate succession statutes to the family pet owner's successors (if the animal owner did not have a will). Funds in a trust for the care of a pet after the death of the owner might originate from pay on death (POD) classifications 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 financing is life insurance coverage. A pet owner might fund a living or testamentary pet trust by naming the trustee of the trust as the beneficiary of a life insurance coverage policy. Estate Planning for Pets. Or, the animal owner might have a particular portion of an existing policy payable to the pet trust.


In Montana family pets are ruled out as a "individual" so they can not be named as a recipient of a life insurance policy. Animal owners should seek advice from an attorney and/or life insurance coverage representative about the appropriate method of naming the trustee of a pet trust as a recipient of a life insurance policy.


A pet owner may use life insurance and financial account assets to money both the living and testamentary trusts by calling the trustee of a pet trust as the recipient of a designated part or quantity of these assets. An animal owner should seek advice from with his/her lawyer about the appropriate way of naming the trustee of the family pet trust as the recipient of these funds.

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The family pet owner also needs to decide if funds are to be designated to provide the animal with appropriate care when the caretaker is on getaway, out of town on service, receiving treatment in a hospital, or is otherwise briefly not able to personally attend to the family pet. The size of the family pet owner's estate must likewise be considered.


On the other hand, if the estate is little, the pet owner might wish to transfer a lower amount and direct the trustee to supplement trust earnings with withdrawals from the principal as needed. The trustee for an animal trust requires to be an individual or corporation that a pet owner has the confidence to manage the home in the trust wisely and ensure the caregiver recipient is doing a good job taking care of the family pet.




Another choice is an expert trustee or corporation that has experience in managing trusts even though an annual trustee fee will need to be paid. click here to find out more Functioning as a trustee can be a potentially difficult position with lots of duties. An animal owner should 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 prospective trustee does not wish to work as the caregiver for the family pet, a local vet might be sought advice from to suggest an option. To prevent having an animal without a home, an animal defense company such as the Humane Society or a "no-kill animal shelter" could be named as a last option trustee.


A lot of the exact same details for care of the animal described in a trust could be used to a financial power of lawyer. The financial power of attorney could even reference and integrate the regards to a living or testamentary trust. Due to the fact that durable monetary powers of attorney cease at the death of the family pet owner, he/she might wish to think about a pet trust to supply for the continuing look after a pet after the owner dies.


To avoid fraud, family pet owners need to plainly recognize animals that are to receive care under a will, trust, or power of lawyer. There are a variety of approaches that might be used to avoid scams. A detailed description must include any distinct qualities 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 reality sheet are based solely on the statutes in force on the date of publication. Agents from the following examined this publication and suggest its reading by Montana citizens who remain in the process of establishing an estate prepare for their family pets: Business, Estates, Trusts, Tax and Real Estate Section State Bar of Montana Texas Tech University School of Homepage Law Lubbock, Texas We also value the ideas provided by vets and owners of animals, companion and service animals.


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




We all think of including and taking care of our human relative in our estate strategy, and we should description prepare for our beloved pets as well. With so many animal enthusiasts out there, including our Hurley Senior Care Law group, planning and making arrangements for animals is a leading priority for many of our customers.