Written by Tony Conticello of the Conticello Law Firm
Tallahassee Pet Trust and Estate Planning Attorney
PET TRUSTS IN FLORIDA – The Essential Guide For Pet Owners!
What are Pet Trusts and why do you need them? Pet Trusts in Florida have special laws that apply and in this article we will go over all the essential information you need to consider when you create your Pet Trust.
Our pets give us so much joy and love. While most of us will outlive our pets, sometimes just the opposite happens. Florida law treats our pets as our “property.” So, if you don’t take steps to plan what happens to your pets if you pass, they may end up sold, given away, abandoned, in the shelter, or even suffer the same fate as you if they are euthanized.
All of that can be avoided with a Pet Trust! In this article, we will explain all the essential elements you need to make sure your Pets are taken care of the way you would if you are gone.
The Florida Pet Trust laws can help you do that. The first thing you should do is hire a Florida Estate Planning Attorney who knows how to write Pet Trusts (like the Conticello Law Firm). Together, you will craft a legally recognized Pet Trust to direct your pet’s care.
Luckily, Florida Law allows the creation of “Pet Trusts” (see Sections 736.0408, 736.0110(2), and 736.0402(1)(c)2., Fla. Stat.). Whether you have one or multiple pets, your Florida Pet Trust can remain active until the very last of your furry family members crosses over to what many of us pet owners refer to as the “rainbow bridge”.
HOW DO FLORIDA PET TRUSTS WORK?
A Florida Pet Trust works the same as a revocable living trust does. In your Pet Trust, you will designate in writing what your pets are and how they are going to be cared for. The trust is a rule book, which establishes all the things that they need to make sure they are cared for.
We recommend being specific as to the type of care each of your pet’s needs. This includes items like special dietary restrictions, vets you want them to go to, equipment that they need, whom you would like to take care of them, and where you would like them to live. It is important that you build in enough flexibility to account for things like your dog’s favorite vet hospital closing down, or the barn where you want your horse to live being sold.
HOW MUCH MONEY SHOULD I PUT IN MY PET TRUST?
Finally, and this is where your expertise comes in, you need to put enough monetary funds or assets (we call it FUNDING THE TRUST) into the trust to cover all of their anticipated expenses throughout the life of your pets. Florida law says that you should only put enough funds to fulfill the requirements of the Pet Trust. The trust is not meant to be used in a way to shelter your estate assets from tax liability, so if the “value of the trust property exceeds the amount required for intended use” then the Court will distribute the rest to the settlor (the person who created the pet trust – if they are living) or to the settlor’s estate (if they have passed).
Another factor to keep in mind should be whether the PET TRUSTEE or PET CAREGIVER (explained below) will be compensated for their time and efforts. Finally, remember that your Florida Pet Trust will continue until the LAST pet has passed, so make sure there is enough money to ensure they are fully taken care of.
WHAT ANIMALS ARE ALLOWABLE IN YOUR FLORIDA PET TRUST?
ALL OF YOUR PETS!
Whether you have a cat, dog, horse, bird, turtle, lizard, bunny, flying squirrel, goat, or snake, they can be part of your Florida Pet Trust.
WHO WILL TAKE CARE OF YOUR PET?
There are two key roles in your Florida Pet Trust
PET TRUSTEE –
The first is the PET TRUSTEE. This person, or people, will manage the money needed to take care of your pet.
PET CAREGIVER –
The second is the PET CAREGIVER, who will be responsible for managing the daily or regular care of your furry or scaley friends. The Pet Trustee is responsible for making sure that the Pet Caregiver is following the rules and guidelines set out in your trust.
You should consider having one or multiple successors that you trust to take over for each position should your initial PET TRUSTEE or PET CAREGIVER be unable, or unwilling, to carry out their duties. Don’t forget to decide whether these positions should be compensated, such as a monthly or yearly set amount.
ARE YOU READY TO CREATE A FLORIDA PET TRUST?
Don’t leave the future of your furry friends to chance. Give them the life you want them to have when you are no longer there to care and love them.
DON’T GO IT ALONE!
Contact the Conticello Law Firm – we are your Florida Pet Trust Attorney!
Email: [email protected]
Phone: 850-888-2529
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The Conticello Law Firm can draft a pet trust as part of you or your family’s estate plan. Likewise, we work hand in hand with Pet owners to create stand-alone Pet Trusts for their animals and animal owners that have special care needs.
CONTICELLO LAW FIRM DRAFTS FLORIDA EQUINE TRUSTS (Horse Trusts)!!!
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FLORIDA PET TRUSTS
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