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PET
TRUSTS

PET TRUSTS

With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).

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How a Pet Trust Works

  • Pet trusts can be written to take effect when the owner dies or becomes incapacitated. 

  • You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.

  • You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.

  • You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it. 

  • You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.

  • You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.

  • You leave explicit and detailed caretaking instructions such as:

    • housing arrangements

    • types of food/supplements/medication

    • amount of exercise and/or attention

    • a schedule of veterinary care and often times by which vet

    • inspections of your pets by your trustee

    • burial or cremation instructions for your pets

Estate Planning
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Useful Links

Make a plan in advance, naming the people or organizations you want to receive the things you own after you die, in addition to carrying out your wishes in the event you become incapacitated. 

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If you don’t think you can afford a complex estate plan now, start with what you can afford. For a young family or single adult, that may mean a will and powers of attorney for your assets and health care decisions. Then, let your planning develop and expand as your needs change and your financial situation improves.

ESTATE
PLANNING

ESTATE PLANNING

Your estate is everything you own such as: real estate, bank accounts, investments, IRAs, retirement benefits, insurance policies, and personal belongings.

 

A good estate plan should...​​

  1. Ensure your estate is distributed smoothly to the people and organizations most important to you

  2. Provide for financial and medical care if you become incapacitated

  3. Name a guardian for minor children

  4. Provide for family members with special needs

  5. Provide your beneficiaries with asset protection from creditors, divorce, and lawsuits

  6. Include provisions for children who are spendthrifts or struggle with addiction

  7. Address business succession at disability and death

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Without any estate planning...

  • Colorado's statutes determine how your property will be distributed

  • Courts name guardians for minor children 

  • Courts name guardians and conservators to handle your affairs if you are unable

  • Court proceedings are expensive and time consuming

  • Family discord is more likely to result

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PET
TRUSTS

PET TRUSTS

With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).

​​

How a Pet Trust Works

  • Pet trusts can be written to take effect when the owner dies or becomes incapacitated. 

  • You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.

  • You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.

  • You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it. 

  • You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.

  • You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.

  • You leave explicit and detailed caretaking instructions such as:

    • housing arrangements

    • types of food/supplements/medication

    • amount of exercise and/or attention

    • a schedule of veterinary care and often times by which vet

    • inspections of your pets by your trustee

    • burial or cremation instructions for your pets

Signing a Contract

WILLS vs TRUSTS

While Wills and Trusts do have a lot of overlap, there are also several differences between the two. Ultimately, both are ways to say who will receive your assets. They just do it in different ways, and each has its own advantages and disadvantages. 

Wills vs Trusts

WILLS vs
TRUSTS

WILLS vs TRUSTS

One big difference between the two is in how and when they take effect. Wills don’t go into effect until you pass away, whereas a Trust is effective immediately upon signing and funding it. 

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It may be easier to think of a Will as a “simple” document. Wills allow you to name guardians for kids and pets, designate where your assets go, and specify final arrangements

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The simplicity of a Will offers somewhat limited control over the distribution of assets. Wills also have to go through some sort of probate process after you pass away.

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A Trust is a bit more complicated, but can provide some great benefits. Trusts offer greater control over when and how your assets are distributed, apply to any assets you hold inside the Trust, and come in many different forms.

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After you create a Trust, you need to fund it by transferring assets to it, making the Trust the owner. Trusts are often used to minimize or avoid probate entirely, which is a huge plus for some. This alone could more than justify the additional complexity and cost of setting up a Trust.

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WILL

  • Requires Probate

    • ​Probate court supervises the sale of your assets and the distribution of the proceeds in accordance with the will

    • Significant costs and delays possible

    • Delays access to inheritance

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  • ​Public Record​

    • Probate proceedings and documents are recorded such that anyone can read the terms of your will or the circumstances of its administration​

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  • Minor Beneficiaries 

    • Require​ conservator

    • Probate court supervises all distributions ​

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  • May be Revoked or Amended during your lifetime

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TRUST

  • Avoids Probate

    • Easier, Faster, Less Expensive

    • Faster access to inheritance

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  • Private

    • Because a trust is a contract, the distribution and terms of your estate are not accessible by the public​

 

  • Minor Beneficiaries

    • Distributions made by trustee according to your wishes​

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  • More control over distribution

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  • Creditor Protection to safeguard inheritance​

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  • Different trusts available to protect assets, minimize legal fees and taxes

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  • May be Revoked or Amended during your lifetime​​

Fancy Box

SERVICES & DOCUMENTS

We prepare simple and complex wills and trusts, as well as living wills and powers of attorney (medical and financial), in addition to other important estate planning documents.

PRODUCTS

SERVICES &
DOCUMENTS

SERVICES & DOCUMENTS

Wills

  1. Simple Wills

  2. Complex Wills for Estate Tax Planning Purposes

  3. Wills with Testamentary Trusts for Minors, Incapacitated Persons, and Pets​

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Trusts

  1. Revocable Living Trusts

  2. Irrevocable Living Trusts

  3. Testamentary Trusts

  4. Special/Supplemental Needs Trusts

  5. Honorary (Pet) Trusts 

  6. Charitable Trusts

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​​Powers of Attorney

  1. Durable Powers of Attorney for Healthcare Decisions

  2. Durable Powers of Attorney for Business and Financial Affairs

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Advance Medical Directives
(aka Living Wills)

Colorado law authorizes the use of Advance Medical Directives for persons who prefer to make their wishes known in advance of a time when they may no longer be able to do so regarding prolongment of life.

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​Parental Appointment of Guardian for Minor and Disabled Children

Colorado law provides a means whereby parents may name who they would want to be responsible for the care of their minor or disabled child in the event the parent is incapacitated.

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Instructions for Memorial and Disposition of Body  

Provide peace of mind to loved ones by providing instructions for services after your death.

PET
TRUSTS

PET TRUSTS

With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).

​​

How a Pet Trust Works

  • Pet trusts can be written to take effect when the owner dies or becomes incapacitated. 

  • You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.

  • You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.

  • You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it. 

  • You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.

  • You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.

  • You leave explicit and detailed caretaking instructions such as:

    • housing arrangements

    • types of food/supplements/medication

    • amount of exercise and/or attention

    • a schedule of veterinary care and often times by which vet

    • inspections of your pets by your trustee

    • burial or cremation instructions for your pets

Helping a Disabled Friend

SPECIAL NEEDS TRUSTS

A special needs trust is a legal arrangement and fiduciary relationship that allows a physically or mentally disabled or chronically ill person to receive income without reducing their eligibility for the public assistance disability benefits provided by Social Security, Supplemental Security Income, Medicare, or Medicaid.

Special Needs Trust

SPECIAL NEEDS
TRUSTS

SPECIAL NEEDS TRUSTS

Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person. To protect a person with special needs, a well-defined estate plan is vital.

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About a Special Needs Trust...​

  • 1st Party Trust - funded with disabled person's own assets, must contain a payback provision to repay government benefits at death.

  • 3rd Party Trust - funded by a parent, grandparent or other family member for the benefit for the individual with disabilities, does not need to have a payback provision. Trust assets can pass to other family members at the beneficiary's death.

  • Does not disrupt the disabled person's eligibility for government aid.​ Many disabled persons receive Supplemental Security Income ("SSI"), Medicaid or other government benefits to provide food, shelter and/or medical care.

  • Public benefits rarely provide more than basic needs, a Special Needs Trust promotes the comfort and happiness of the special needs beneficiary without sacrificing eligibility. Special needs can include medical and dental expenses, annual independent check-ups, necessary or desirable equipment (a specially equipped van...), training and education, insurance, transportation and essential dietary needs. A well-funded trust can provide electronic equipment & appliances, computers, vacations, movies, payments for a companion, and other self-esteem and quality-of-life enhancing expenses.

  • A key benefit is that the beneficiary's extended family and friends can make bequests to the trust as part of their estate plan. They can name the special needs trust as the beneficiary of their revocable trust or will, and they can also name the special needs trust as a beneficiary of life insurance or retirement benefits. 

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Setting one up: 

  1. Choose a guardian if needed.

  2. Choose a suitable Trustee(s) to manage the Trust’s assets and supervise the finances.

    • Loved ones can manage the special needs trust while alive and well. Once the loved one is no longer able to serve as trustee, they can choose who will serve according to the instructions provided in the trust. You may choose a team of advisors and/or a professional trustee to serve. 

  3. ​Outline instructions for your child’s education, housing, personal and emotional needs.​

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PET TRUSTS

A pet trust is a legally sanctioned arrangement providing for the care and maintenance of one or more companion animals in the event of a grantor’s disability or death. 

Pet Trusts

PET
TRUSTS

PET TRUSTS

With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).

​​
How a Pet Trust Works

  • Pet trusts can be written to take effect when the owner dies or becomes incapacitated. 

  • You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.

  • You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.

  • You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it. 

  • You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.

  • You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.

  • You leave explicit and detailed caretaking instructions such as:

    • housing arrangements

    • types of food/supplements/medication

    • amount of exercise and/or attention

    • a schedule of veterinary care and often times by which vet

    • inspections of your pets by your trustee

    • burial or cremation instructions for your pets

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