Pet Trusts In Delaware
I previously discussed the fact that the animals we love and think of as members of our family are considered to be property in the eyes of the Delaware courts. I personally disagree with this, and I’m hopeful that this view will change. However, the good news is that Delaware finally allows us to create pet trusts.
So what is a pet trust and why would you want to set one up? Well, for one thing, it’s important to make sure your pets are cared for immediately upon your death. The trust document names the person who becomes the owner of your pet and the “guardian: of the funds which you set aside for the welfare of your pet. This person is called the “trustee.” The pet trust also allows you to name the “caregiver,” who is the person who will actually provide the day to day care of your pet.
Another reason for the pet trust is that it’s a legally binding document that can be enforced in court if the need arises. You also get the opportunity with the pet trust to write down such things as the activities your pet enjoys, the food your pet eats, etc.
Also keep in mind that because your pets are property under Delaware law, you can’t leave money directly to your pets. If you tried, it would be invalid. The pet trust permits you to give your pet and the money to the trustee. The trustee gives the pet to the caregiver, and distributes funds to the caregiver from time to time as needed.
Finally, with a pet trust, the funds don’t get tied up in probate, which means the money is readily available for the care of your pet immediately after your death.
