What is a Colorado pet trust?
In Colorado, a pet trust is a legally recognized arrangement that allows individuals to provide for the care, maintenance, and well-being of their pets in the event of their disability, incapacity, or death. It is often governed by provisions of the Colorado Pet Animal Care and Facilities Act (PACFA) and the Colorado Pet Trusts Act.
A pet trust in Colorado typically involves the following key elements:
- Settlor/Grantor: The person creating the trust, often referred to as the settlor or grantor, is the individual who establishes the trust and transfers assets to fund it. The settlor must be of sound mind and legal age to create a trust.
- Trustee: The trustee is the person or entity responsible for managing the trust and ensuring that the pet’s needs are met according to the terms of the trust. The trustee can be a trusted individual, a professional trustee, or even an animal welfare organization.
- Beneficiary/Pet: The beneficiary of the trust is the pet or pets for whom the trust is established. The trust should identify the pets by name or provide clear instructions for identifying them.
- Trust Terms: The trust document should outline the specific instructions for the care and maintenance of the pets. This may include details about the pet’s medical care, dietary needs, exercise routine, living arrangements, and any other specific instructions the owner wants to provide.
- Funding: The trust needs to be adequately funded with assets or funds to ensure that there are sufficient resources to care for the pets as outlined in the trust terms. This can include cash, investments, property, or any other assets the owner wishes to allocate for the pets’ care.
- Termination of the Trust: The trust can specify the conditions for terminating the trust, such as when the last surviving pet named in the trust passes away. Any remaining assets in the trust can be distributed as instructed by the settlor.
By establishing a pet trust in Colorado, pet owners can have peace of mind knowing that their beloved animals will be cared for according to their wishes. It provides a legally binding framework to ensure the ongoing well-being of the pets and allows the designated trustee to use the trust funds for their care and maintenance.
It is important to consult with a seasoned attorney who has dealt extensively with pet trusts. Marc Patoile can be reached at 303-688-3045. He has litigated and helped clients with establishing pet trusts for over 27 years.