Unfortunately, you cannot leave your millions to your dogs warns Texas attorney Nick Abaza |
| December , | December Bond Updates |
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(1888PressRelease) Warning for pet owners do not leave your pets. Your estate but instead to carefully set up a trust for them says estate lawyer Nicholas Abaza developing a statewide practice area for dog lovers. Houston, TX - Pets are considered personal property under Texas law and lack legal capacity to own property or inherit directly. Attempting to name your dog as a beneficiary in a will or trust would generally fail. What You Can Do Instead Unfortunately, you cannot directly give your pets your estate. You can create a pet trust under Texas Property Code §112.037 to set aside substantial funds for your pet’s care. This is the standard legal tool for providing for animals after your death. • A properly funded pet trust can hold hundreds of thousands or even millions if justified by the pet’s anticipated needs (e.g., long-lived animals like parrots, special medical care, or multiple pets). • However, the trust is not unlimited. A court can intervene and redirect excess funds if it determines the amount far exceeds what is reasonably necessary for the animal’s care. Important Limitations • The trust terminates upon the death of the pet (or the last surviving pet covered by the trust). • Any remaining funds are then distributed to your other beneficiaries or heirs - not kept for the “dog’s estate.” • Overly extravagant funding increases the risk of successful challenges by heirs in probate court. Bottom line: Texas law allows you to provide generously for your pet’s lifetime care through a well-drafted pet trust, but you cannot create a permanent fortune for the animal itself. Excessive attempts are likely to be reduced or contested. http://www.nicholasabaza.com. |
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