What is a Pet Trust Review?
A pet trust is a legal arrangement that ensures your pets will be cared for should you pass away or be unable to look after them. It stipulates the funds that will be required to care for the pet and appoints someone to look after them.
This agreement has to provide clarity and be aligned with your wishes to prevent disappointments or disputes. It also has to appoint the right people, such as a reliable trustee, to manage the funds correctly.
As a result, it’s important to review a pet trust agreement that specifies how the trust operates. Read the rest of this article to explore how to review it and how a qualified lawyer can assist you with the process.
What are Key Terms to Review in a Pet Trust?
A pet trust agreement usually contains the following key terms that you should review:
- Purpose. The agreement should specify the pet trust goals, such as to use funds in the trust to provide for the pet’s ongoing care.
- Pet. Identify the pets included in the trust, including their name and any other identifying information.
- Funding. This should clearly specify what assets or funds are put into the trust to ensure the pet is cared for appropriately.
- Care instructions. This explains exactly how the pet should be cared for, such as by including food, housing, and exercise requirements.
- Trustee. Make sure the trustee, or the person who manages the pet trust funds, is clearly stated.
- Remaining funds. The agreement should state how any remaining funds are used when the pet passes away.
How Do You Review a Pet Trust?
A pet trust agreement must be accurate and clear to protect the pets involved in the arrangement. After reviewing some key terms we previously outlined, here are additional review tips.
Check the Funds
Make sure that you’ve calculated how much money needs to be in the trust so that it doesn’t run out during the pet’s lifespan. Check that the agreement defines how the funds should be distributed to the pet’s caregiver. You might also want to provide a monetary reward for the caregiver to thank them for fulfilling their duties.
Cover the Trustee’s Costs
If you’re going to appoint a professional trustee, such as a lawyer, to manage the pet trust, you should ensure that enough money is assigned to cover their expenses.
Consider Specific Petcare Instructions
Pet trusts and their agreements should be customized to the specific pets or situation. This is why it’s important to review any specific instructions for looking after the pet, such as if they have certain needs or medical requirements.
By specifying these in the agreement, you’ll prevent missing information that can result in challenges for whoever is looking after the pet.
Identify a Successor Trustee and Caregiver
The agreement should specify a successor trustee and caregiver who will take over the original person’s duties should they be unable to complete their tasks or pass away.
Refer to Other Estate Documents
It’s important to check that the pet trust agreement doesn't clash with any other estate documents, such as your will, as this can create ambiguity.
Do You Need a Legal Review of Your Pet Trust?
If you’re unsure of how to review your pet trust or you’re afraid of missing anything important in the pet trust agreement, you should hire a qualified lawyer for assistance.
During a legal review of your pet trust agreement, a lawyer will:
- Explain all the terms in your trust to ensure you understand exactly what you’re agreeing to.
- Review the caregiver provisions as outlined in the agreement to confirm that the caregiver is clearly defined and knows what’s expected of them.
- Assess the trustee’s role in managing the trust and what authority they have.
- Check all payment and funding terms, ensuring that all funds are sufficient to cover the pet’s care expenses.
- Consider if all care instructions are clearly defined in the agreement for your specific pet’s needs, such as regarding the pet’s housing, veterinary treatments, and food.
- Check if there’s any missing information in the agreement. A lawyer will identify if your agreement requires additional information to make it comprehensive and prevent ambiguity.
- Suggest changes to the pet trust so that your wishes are met and you’re satisfied with everything the agreement contains.
Where to Find a Lawyer to Review Your Pet Trust
You might’ve decided to hire a lawyer to review your pet trust, but you might not be sure of where to find a reputable one. Online legal platforms make it easy to find and connect with suitable lawyers who have experience in providing in-depth contract reviews.
ContractsCounsel is one of the largest online legal marketplaces that gives clients easy access to a curated network of lawyers. It makes it simple to find a lawyer who’s based in your location and has the experience and skills to conduct a thorough contract review.
Here is how to request that a lawyer on the platform reviews your pet trust:
- Visit the ContractsCounsel marketplace, where it’s free to post your request for a legal review of your contract.
- Specify a few details of what you need so that you match with the right lawyers.
- Wait for bids. You’ll receive multiple bids from lawyers on the platform who are ready to assist you.
- Review the lawyer information. Go through the information provided by the platform, such as the lawyers’ credentials, years of experience, location, and client ratings for previous projects they’ve completed on the platform.
- Select a lawyer who meets your requirements and hire them to review your pet trust for a flat fee.
