Many people view their pets as an integral part of the family unit. For this reason, it only makes sense to ensure your pet is taken care of should anything happen to you. Luckily, you can establish a trust for your pet so you never have to worry about what will happen to them in the future.
Types of Pet Trust
In the eyes of the law, a pet is property, which means you can’t leave money or assets to your pet directly. However, you can set up a trust to ensure your pet’s needs are met after you pass away. Colorado has 2 types of trusts to choose from:
- Honorary Trust: This type of trust is created when there is no charitable purpose or beneficiary to enforce it. This trust is only valid for 21 years, regardless of other durational specifications in the document.
- Statutory Pet Trust: A statutory pet trust is designed to care for pets and any offspring they are currently gestating. The trust becomes invalid when there is no longer a living animal to benefit from it.
Additional arrangements for either trust include:
- no portion of the income used in the trust can be used for tasks other than the benefit of the animal(s) mentioned in the trust;
- upon termination, the trust assets will be transferred based on the instructions in the document or to your living heirs;
- the use of the funds can be enforced by someone designated by the trust to handle its affairs;
- all trusts are registered, and all trustees are subject to Colorado state laws; and/or
- if there is no designated trustee, the court will name one.
Reliable Pet Trust Attorneys
At Law Office of Greg Quimby, P.C., our will and trust attorneys can help you create a solid pet trust. We understand how important animals can be to a family and we will help you ensure the wellbeing of your pets.
Call our firm today at (719) 212-4227 or contact us online for a complimentary consultation.