For most people, pets aren’t just animals–they’re the excited ‘hello’ when we get home from a long day of work, our jogging partners, our best friends and part of the family.
Setting up a trust fund offers many advantages in terms of passing on wealth or assets. It avoids probate, or the transfer of assets in court. This increases not only the ease of transfer, but also privacy.
If asked to be a trustee, anyone, unless previously experienced in this field would not know what the responsibilities are. How much work is involved? What is the time frame? Do I need to prepare tax returns and handle accounts? Can I get help? When do my responsibilities end?
A pet trust is a legal arrangement that specifies how your animal companions would be cared for and taken care of financially if you pass away, or if you become ill or disabled and can no longer take care of them yourself.
No one marries with the intention of getting divorced, but about half of all marriages in the U.S. will end in divorce. Divorce and second marriages can complicate the process of estate planning and present a number of challenges.