In 2006, Texas enacted legislation that enabled locals to produce animal trusts, specific types of trusts that allow you to leave property for the care of your animal. The trusts are a perfect method for any family pet owner who wishes to leave their family pets safe and protected after they pass away. Let’s take a look at some common concerns about Texas animal trusts.
Concern 1: How do 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 much like a corporation. The settlor likewise chooses someone to handle the property, called a trustee. The trustee needs to use the trust property on behalf of the recipient– the animal– and can not utilize it for any other purpose.
Question 2: The length of time do they last?
Your family pet trust can last as long as your family pet lives. If you have several pets, you can create a single trust that will enable all of them to be taken care of, and the trust will continue to operate up until the last one passes away. The trust can not be utilized to look after animals that you do not own at the time of your death, however, so you can not use the animal trust to look after the offspring of your animals born after you pass away.
Question 3: What happens when my pet dies?
After your pet dies, the property in the trust then passes as you determine in the trust document. If you don’t specify, the trust property passes to your heirs as identified by Texas law.