Keep in mind that
there are some limitations in using pet trusts. First,
the pet trust can only exist during the lifetime of your
pet, even if you want the trust to go on longer. When
the life of your pet ends, the pet trust ends as well.
Second, under California trust law the pet trust is an
“honorary trust,” and the trustee need not continue the
pet trust if he or she does not wish to continue
administering it. In other words, the trustee can
refuse to use the money to benefit your pet even if your
pet is still living. Because there is no human
beneficiary, there is no aggrieved beneficiary who can
sue the trustee to force him or her to follow the pet
trust. For this reason, you should select a trustee and
caretaker-beneficiary who will conscientiously carry out
your desires about providing for your pet.
There are also other
ways to ensure the trustee and caretaker-beneficiary
will use the trust for your pet’s care; consult your
attorney to find out more.
Finally, be mindful of
how much money you put in the pet trust. It could cause
problems if you put in more money than the actual
expenses required to care for your pet.
For example:
Another beneficiary of your estate may object to the pet
trust on the grounds that the pet trust contains more
money than is actually required for the care of your
pet. If the court determines this to be true, the
court may reduce the trust funds and give the extra
funds to the remainder beneficiaries of your estate.
