Texas Animal Trust-- 3 Concerns
In 2006, Texas enacted legislation that enabled citizens to produce pet trusts, specific kinds of trusts that permit you to leave property for the care of your pet. The trusts are a perfect way for any family pet owner who wishes to leave their family pets safe and safe and secure after they pass away. Let’s take a look at some typical questions about Texas pet trusts.
Concern 1: How do animal trusts work?
A person who creates a pet trust is understood as a settlor. The settlor takes some of his/her own property and transfers it to the trust, an entity that can own property similar to a corporation. The settlor likewise chooses somebody to handle the property, called a trustee. The trustee must use the trust property on behalf of the recipient– the animal– and can not use it for any other purpose.
Question 2: How long do they last?
Your animal trust can last as long as your pet lives. If you have multiple pets, you can produce a single trust that will permit all of them to be looked after, and the trust will continue to run up until the last one passes away. The trust can not be used to care for pets that you don’t own at the time of your death, however, so you can not utilize the animal trust to care for the offspring of your pets born after you die.
Question 3: What takes place when my animal dies?
After your pet dies, the property in the trust then passes as you dictate in the trust document. If you don’t specify, the trust property passes to your successors as determined by Texas law.