Pet Trusts

Today we’re gonna talk about a new area of the law call Pet Trust Law. That’s right, a trust for pets. You know pets are a member of our family and we always want to make sure that they well taken care of, even after we pass away. We wanna make sure they have a good home that they are staying in and that they're financially being taken care of. So, surprisingly there’s a brand new law on the books in 2015 by Louisiana legislature that finally addresses this. In fact, it’s so new that a lot of people are unaware that it even exist. Now, before you start thinking about some formal trust like you would normally see for humans, that’s not the case here. Basically this is kind of a loose set of laws regarding disposition of property and decision making for your pets when you pass away. For example, the law allows you to appoint a caregiver or appoint a manager who can take care of the finances and make a decision as to who the caregiver is going to be. Now before you start thinking that there is some type of unlimited amounts of money that you could handover to pets, much like we saw in the Leona Helmsley case. She was the obviously the very rich lady who gave $12 million to her dog, "Trouble," and set up a formal trust to keep her heirs from acquiring any property. That’s not the case in Louisiana. In Louisiana, the courts can intervene and limit the amount of money that you provide for a pet to a reasonable amount of money.

So, if you have any questions about trusts for four legged, two legged persons, or animals, please give us a call. Our number is 225-769-4200. Thank you!