Orange County Estate Planning Lawyer Discusses How to Implement a Pet Trust

ORANGE COUNTY, Calif. - Nov. 19, 2013 - PRLog -- ORANGE COUNTY, CA – November 15, 2013 – For most people, pets are considered part of a family and many people worry about what could happen to their companions in the event of their death.   Luckily, California is one of many states that allow pet trusts in a person’s estate plan.  As an Orange County estate planning lawyer, Dwight Edward Tompkins, tells his blog readers, “In a pet trust, you nominate the following:  your pet or pets who will be cared for when you die, a trustee who will be managing the fund earmarked for your pet or pets, a caretaker who will take care of the pet and “remainder beneficiaries” who shall receive what remains of the trust fund when the pet dies.”  He then gives details on each role.

Tompkins says, “The trustee is the “money man.”  He will be the one in charge of the trust fund when you die. You may specify in your trust how much discretion he may have over the trust fund like what should be the depository bank or if he may invest the money so the fund can still grow.”  He continues by saying, “The caretaker is the person who takes care of the pet.”  And lastly he explains that, “Now, if your pet dies and there are funds remaining, they will be transferred to people you designate to be the beneficiaries.  In pet trusts, these are called “remainder beneficiaries.””

Pet trusts are very similar to regular trusts, except they are intended for the estate owner’s pet.  Dwight, an orange county estate planning lawyer (http://www.tompkins-law.com/), states, “But as with living trusts for people, you have to be clear with your instructions so that your wishes after your death will truly be met.”  It is important to be as specific as possible to ensure that there is not confusion after your death.

For more information on implementing a pet trust in your estate plan read the full version of this blog post here: http://blog.tompkins-law.com/2013/11/an-estate-planning-e...

About Lawyer Dwight Edward Tompkins

Dwight Edward Tompkins has been providing residents in the Orange County, California and the surrounding areas with estate planning, probate, living trust, and business planning services for over 20 years.  Contact him at tompkins-law.com