When people create a last will and testament, they normally leave their assets to specific loved ones, but did you know that you can also leave assets to your pet animals? It has been reported that Oprah Winfrey set up a trust leaving $30 million dollars for her beloved dogs at her death and who can forget when Leona Helmsley set up a trust leaving an estate worth $12 million dollars to her Maltese, Trouble, when she died in 2007. Captivatingly, you do not have to be a billionaire or famous to plan for the future of your furbabies.
Animals are like family members, so why should they not be afforded adequate protection as well? In August 2015, Louisiana followed the lead of 49 other states to develop law to add protection for your beloved animals. The governing law can be found in Louisiana Revised Statute 9:2263 entitled “Trust for the Care of an Animal”, otherwise known as a “Pet Trust”.
A pet trust is essentially a relationship that is created to provide for the care of one or more animals that are in existence at the time the trust is created. The trust instrument will designate a caregiver for the animals and someone to oversee the trust to enforce the provisions of the trust.
The trust will terminate with the death of the last surviving animal and the remaining funds in the trust will then go to a person named in the trust.
If you are interested in forming a trust for your pets or would like more information, contact an experienced attorney at De St. Germain Law Office today, at (985) 718-4550, or by email to schedule a free initial consultation.