Pets Trusts: Fido With a Fortune?
Beyer, Gerry W.
In “Pet Trusts: Fido With a Fortune?”, author Gerry Beyer examines the various methods of providing for your pets after your death. Professor Beyer begins by describing the historical methods used to provide for pets including: common law, the Uniform Probate Code, and the Uniform Trust Code. Next he explains a few short-term planning solutions that everyone with a pet should consider. Professor Beyer then looks at the traditional trust and how it can be modified and shape to allow a decedent to make provisions for his or her pets. He then discusses the “statutory” pet trust and the way that it differs from the traditional trust. Beyer also mentions three alternative methods to creating a trust: outright conditional gifts, outright gifts to a veterinarian or animal shelter, and a gift to a life care center. Finally, he reviews the possible tax consequences when setting up a trust.