Remember The Guidelines For Your Pet Trust
We have written before, on many occasions, that you should be careful when establishing a Pet Trust, as to the amount of money or assets that you intend to use to fund the trust.
If that amount is unreasonable or unrealistic, the Trust may be challenged. The larger the amount left for your pet, the higher the percentage of a challenge. Especially, by a disgruntled relative.
Many of you will recall that hotel heiress, Leona Helmsley, who died last year, left a $12 million Trust to her 9 year old Maltese, Trouble.
Well, Trouble, who now lives in Florida, has trouble now!
A New York Judge and the State Attorney General have signed off an agreement that reduces Trouble’s share to $2 million.
Not all of the facts have been revealed as to agreement of the parties or their reasoning, but certainly some of the heirs that were omitted from Helmsley’s will stand to see a substantial increase in their fortunes.
It appears as though the Trustee of Trouble was not opposed to the reduction of the amount.
You can see the update on the story here.
Remember these common issues when establishing you Pet Trust:
The appointment of the trustee and successor;
The appointment of the caretaker and successor;
The need to adequately identify your pets in order to prevent fraud;
A description of your pet’s standard of living and care in detail;
A requirement that the trustee ensures the caregiver is providing the pet with regular, thorough veterinary check-ups;
The need to determine the amount of cash or assets needed to adequately cover the expenses for your pet’s care;
The need to determine the amount of cash or assets needed to adequately cover the expenses of administering the pet trust;
Choosing a beneficiary who will receive any remaining funds that were not used by the pet trust; and
Providing directions for your pet’s burial or cremation.
But, do not forget to…establish your Pet Trust.
If that amount is unreasonable or unrealistic, the Trust may be challenged. The larger the amount left for your pet, the higher the percentage of a challenge. Especially, by a disgruntled relative.
Many of you will recall that hotel heiress, Leona Helmsley, who died last year, left a $12 million Trust to her 9 year old Maltese, Trouble.
Well, Trouble, who now lives in Florida, has trouble now!
A New York Judge and the State Attorney General have signed off an agreement that reduces Trouble’s share to $2 million.
Not all of the facts have been revealed as to agreement of the parties or their reasoning, but certainly some of the heirs that were omitted from Helmsley’s will stand to see a substantial increase in their fortunes.
It appears as though the Trustee of Trouble was not opposed to the reduction of the amount.
You can see the update on the story here.
Remember these common issues when establishing you Pet Trust:
The appointment of the trustee and successor;
The appointment of the caretaker and successor;
The need to adequately identify your pets in order to prevent fraud;
A description of your pet’s standard of living and care in detail;
A requirement that the trustee ensures the caregiver is providing the pet with regular, thorough veterinary check-ups;
The need to determine the amount of cash or assets needed to adequately cover the expenses for your pet’s care;
The need to determine the amount of cash or assets needed to adequately cover the expenses of administering the pet trust;
Choosing a beneficiary who will receive any remaining funds that were not used by the pet trust; and
Providing directions for your pet’s burial or cremation.
But, do not forget to…establish your Pet Trust.
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