Many people think they can include some language in their will to designate funds for their pet's care, but there are many problems with this strategy. First, if not worded correctly that portion of the will may not be enforced because you can not leave money directly to animals. Pets are considered personal property under the law, just like your sofa, and you cannot leave money to your sofa either.
Second, there are long delays between when you pass away and when your executor gets an appointment in probate court (Wake County is currently on a 4-6 month wait) and an even longer wait before all the creditors are paid and disbursements can be made. What happens to your pet during this process?
Third, a provision in your will only applies at death. What happens to your pet if you are incapacitated or simply no longer to care for him or her due to a disability?
This is where a NC Pet Trust can help. It solves all three of those issues. How?
A NC Pet Trust is a stand-alone trust document that does not have to go through probate. It is effective immediately when it is needed - whether that be at death, incapacity or disability.
A NC Pet Trust is custom drafted by a North Carolina attorney so that it adheres to the statute governing pet trusts - NCGS 36C-4-408.
It is funded by a high yield savings account with as much or as little as you want to put in at the time. We advise funding the trust initially with enough money to care for your pet for 6-12 months to cover the time it would take for your trustee to secure additional funds designated by your will.
North Carolina law requires the pet to be alive at the time of creation of the trust. If you acquire additional pets that need to be added to the trust, we can update your trust document for $50 for a period of ten years for each revision.
NC Pet Trusts is an affordable way to ensure your pets are protected if you become disabled or pass away.
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