In 2006, Texas enacted legislation that enabled residents to produce family pet trusts, specific kinds of trusts that permit you to leave property for the care of your family pet. The trusts are an ideal way for any animal owner who wants to leave their pets safe and safe and secure after they die. Let’s take a look at some typical concerns about Texas pet trusts.
Question 1: How do family pet trusts work?
A person who creates a pet trust is understood as a settlor. The settlor takes some of his or her own property and transfers it to the trust, an entity that can own property just like a corporation. The settlor also picks someone to manage the property, called a trustee. The trustee should utilize the trust property on behalf of the beneficiary– the pet– and can not use it for any other purpose.
Question 2: The length of time do they last?
Your pet trust can last as long as your family pet lives. If you have numerous family pets, you can produce a single trust that will allow all of them to be looked after, and the trust will continue to operate till the last one dies. The trust can not be utilized to care for animals that you do not own at the time of your death, however, so you can not utilize the pet trust to take care of the offspring of your family pets born after you pass away.
Question 3: What happens when my animal passes away?
After your animal dies, the property in the trust then passes as you dictate in the trust document. If you do not specify, the trust property passes to your beneficiaries as determined by Texas law.