You can create a trust for pets as they constitute personal property under the eyes of Virginia law. With such a trust, it ensures that your animals receive the care they need after your death or incapacitation. If you are considering creating one, understanding the regulations on this type of trust is important.
What state laws say about pet trusts
While traditional law requires a human beneficiary for a trust to be valid, the Virginia Code 64.2-726 overrides this rule. You can legally allocate funds and provide instructions for the care of your pets if you become unable to care for them.
How to set up a pet trust
You can only create a pet trust for animals that are alive during your lifetime. This cannot cover future generations of pets. When creating one, you need to define these roles:
- Caregiver: The person who takes care of your pet upon your death or incapacitation
- Trustee: The person who manages the money, pays the bills and sends stipends to the caregiver
- Trust protector: A third party who checks in on the pet to ensure the caregiver and trustee are doing their jobs
All your terms in the trust are legally binding, which means that your appointed individuals cannot ignore their responsibilities.
Planning for the unexpected
Despite the uncertainty of life, being proactive can help you prepare for your pet’s care upon your eventual passing. Because Virginia law allows courts to reduce excessive funding, precision in your drafting is essential. Consider seeking legal guidance from an attorney to draft a valid plan.