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If you have an extended family that comprises of your pets and special loved ones, you may feel that your responsibilities toward them reach beyond your own lifetime. Our animals depend on us for their care and well-being. We recognize the importance of ensuring that their care and comfort continue uninterrupted, especially in the event we become incapable of caring for them ourselves. A pet trust is the most effective and efficient way that you can guarantee that your pets will remain continuously cared for, regardless of your circumstances.
Despite the need for your pets continued care and the growing recognition of the importance of these issues, many states will not allow a pet to be a beneficiary of a traditional legal trust. This is due in large part to the fact that a pet does not have the ability to enforce the provisions of a trust on a trustee and ensure the trust is being managed properly.
Fortunately, the State of Colorado allows pet owners to create trusts for the very purpose of caring for their pets. Pet trusts can be structured to allow pet owners to leave their assets in trust for the benefit of their pets, while also designating both a guardian for the pets and a trustee for the administration of the trust. The guardian or guardians themselves will receive distributions from the trust to fund the management, care, and comfort of your pet. The trustee will manage the assets within the trust and ensure that the guardian receives distributions sufficient for the needs of your pet and in accordance with your wishes. This ensures that your pets will be cared for and also that the trust will be managed properly, because the guardians have the power and ability to enforce the provisions of the trust in a court of law.
Depending on what your needs and desires are for your pet, the attorneys at Mile High Estate Planning can help you determine how to most effectively structure a pet trust for your pet’s particular circumstances. We will explain how a pet trust works and ensure that your concerns will be alleviated by providing you with the necessary assistance to help you safeguard the needs of your pets. Contact us today!