Does your dog need a Trust?  Should you tell your Cat?

To some this may seem a bit silly, but for many of us we want to insure that are pets are cared for after we are gone.  One of the obstacles would-be caregivers face are the expenses associated with keeping an animal happy and healthy.  Even if costs are not a problem the owners are often reluctant to saddle someone else with the expenditures.

Well this problem is not that silly.  In fact, in 2010 the Oklahoma Legislature passed a law titled “Trust for Care of Designated Pet or Animal”.  The law provides that

The trustee of a trust created in accordance with this section shall ensure that care is provided for the benefit of the animal in accordance with the terms of the trust…

Simplified Administration

For trusts of $20,000 or less there is “no filing, report, registration, periodic accounting, separate maintenance of funds, appointment, or fee shall be required by reason of the existence of the fiduciary relationship of the trustee” In other words, the trusts are simplified to avoid expense.  Trusts with more than $20,000 would require accounting.

What happens if there are funds leftover?

If the pet outlives the remaining monies are paid to the beneficiary of the Trust or to the heirs (of the owner, not the pets).