Pets play an important role in our life, and we know that we can set up pet trusts to benefit their future after the owner’s passing. These trusts, however, are often subject to challenge because heirs usually want to see those assets allocated elsewhere. This is why it is essential that you comply with the legal requirements and specificity of your state statute. Additionally, for administration purposes to make sure the pet trust does not exceed a reasonable value for its intended use, a court will strictly construe the terms of the pet trust and closely scrutinize the actions of its trustee.
See Gullet Stanford Robinson & Martin, Estate Planning for Pet Owners, Lexology, July 19, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
