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Taking Care of Your Cat After You're Gone
By Craig Glenn
You cannot leave money directly to your cat in the event you die. Unfortunately your pet does not have the legal capacity to hold their own property sense in the eyes of the law they are property themselves. We as cat lovers think of our friends as family members. But unfortunately in the eyes of the law your cat will end up more have are you end up giving all of the rest of your personal property.
If you leave money to your pet in your will oftentimes the court may not enforce your requirement to take care of your cat and may also give your cat to the care of a negligent caregiver.
Leaving money to a friend to care for your cat in your will can also be a bad idea. This can set up a conflict between the friend and your pet and the money that you leave them.
One of the best ways to ensure the care of your cat after you die is to set up the trust for them. Basically a trust is giving property to a second party for the benefit of a third party. The trust can be used to separate the financial responsibilities from the care giving responsibilities of your cat. This is something that is available for everyone.
Essentially this separation of duties of the trustee makes it easier to resolve many of the conflicts that may arise in the care taking of your pet. Another major advantage of that trust over well is that it comes into affect the instant that it is created. In the event that you are incapacitated rather than killed, the trust will be in effect to take over the care of your pet immediately.
The laws and regulations of trusts vary from state to state. But it is quite simple to set one up by contacting a competent attorney. Most of the States have laws that and recognize pet trusts. Your attorney can help you with all the details that you will need to consider when creating your trust. Typically a bank or other financial institution will handle the money end of the trust, so the largest consideration will be the choice of caretaker. Typically the instructions can be boiled down to a simple set of rules.
Do yourself a favor and consider the generation of the care taking trust for your cat. In the event that something should happen to you can have the peace of mind that your favorite friend will be well taken care of after you are gone.
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