I've been reading about, considering, and cogitating over the possibility to having a trust for my cats for the past two or three years. (Yes, a pet trust is legal in my state, but it isn't in all.) Well, I've just come from the first meeting with the attorney, and I've decided I'm going to do it. As we looked at the rest of my situation, I didn't really need a living trust for anything else. In addition, just leaving a large sum of money to take care of the cats' expenses to the individual I've named in my will to take the cats makes me feel totally comfortable as I trust her completely, even though she likely would be unable to keep the cats herself. (Our agreement is that she would find homes for the cats and reimburse the new caregivers for selected expenses.) And since she is a lot younger than me, the chances are great that she'd be around long enough and healthy enough to carry it out.
The problem with just leaving adequate money in the will, though, was that there really wouldn't be any way to make sure that my desires would be carried out in the event of my permanent disability. No money would pass to my friend until my death, so she'd have no money to provide reimbursement for veterinary expenses; thus the chances of finding homes for my older cats with expensive health problems would be next to nil. With a trust, I can direct that money be available for these expenses right away. So I've decided to go ahead, even though (YIKES!) my attorney advised me that it will likely cost about $1000 more to set things up in a trust than to do a will and the other legal documents I had in mind.
I had absolutely no idea who I could list as alternate to take my cats, place them, and serve as trustee over the funds for my cats' support if my friend (a vet tech) couldn't do it. But it just so happens
that my attorney is married to the president of the local Progressive Animal Welfare organization and he will check with her about the possibility of that organization serving as alternate. (Okay, I admit I knew he was married to the president of PAWS and that is one reason I chose him. I thought if any local attorney would be knowledgeable about and supportive of pet trusts, it would be him.)
I'm not wealthy, but I have no children of my own. And my stepchildren, step grandchildren, siblings, nieces and nephews are all adults. So, though I'll still be leaving more to my human heirs than to my furbabies after I sell this house, . . .
MY FURBABIES COME FIRST!
The problem with just leaving adequate money in the will, though, was that there really wouldn't be any way to make sure that my desires would be carried out in the event of my permanent disability. No money would pass to my friend until my death, so she'd have no money to provide reimbursement for veterinary expenses; thus the chances of finding homes for my older cats with expensive health problems would be next to nil. With a trust, I can direct that money be available for these expenses right away. So I've decided to go ahead, even though (YIKES!) my attorney advised me that it will likely cost about $1000 more to set things up in a trust than to do a will and the other legal documents I had in mind.
I had absolutely no idea who I could list as alternate to take my cats, place them, and serve as trustee over the funds for my cats' support if my friend (a vet tech) couldn't do it. But it just so happens
I'm not wealthy, but I have no children of my own. And my stepchildren, step grandchildren, siblings, nieces and nephews are all adults. So, though I'll still be leaving more to my human heirs than to my furbabies after I sell this house, . . .