Trust Funds for Pets a Growing Trend in Newport Beach
Newport Beach, California , April 22, 2016 (Newswire.com) - Trust Funds for Pets a Growing Trend in Newport Beach
Pet trusts, once only reserved for the rich and famous, are growing in popularity with Newport Beach residents wanting to make sure their pets are cared for should the owner(s) become incapacitated or pass away…
Newport Beach, California (04/21/2016) - When Leona Helmsley left $12 million to her dog, Trouble, upon her death in 2007, people across the globe were shocked at the lavish funds bequeathed to her furry friend.
Yet for many Newport Beach residents, pet trusts are now viewed as a practical way to ensure their pets are properly cared for if the death or incapacity of the owner occurs. Through a pet trust, the owner can allocate funds for the continuing care of their animal, as well as reimburse the chosen caretaker and/or trustee for their time.
“Orange County residents are leaving trusts to their pets for the same reason they leave trusts to their children,” says Darlynn Morgan, a local estate planning attorney from Newport Beach. “They don’t want their animals to go without proper care, or worse, get put to sleep if something unexpectedly happens to them,” she adds.
According to Darlynn Morgan, the average amount local residents are leaving in trust for their pets is between $15,000- $25,000. Morgan says pet owners can figure out the necessary amount to place in trust for their animals by multiplying average yearly expenses by the life expectancy of the animal.
Morgan also encourages owners take into account inflation, unexpected medical expenses and possible boarding costs should the caregiver go on vacation or travel while caring for your pet. She further recommends talking with potential caregivers or trustees beforehand to ensure they actually want the responsibility of caring for your animals if something happens to you.
“Taking care of an animal is a big job that can be costly and time consuming. The pet trust will cover many financial aspects of your pet’s care, but you still need to make sure your chosen caregiver is willing to give your pet the time commitment that he or she deserves,” warns Morgan.
Darlynn Morgan graduated near the top of her law school class from Loyola Law School in Los Angeles, California in 1996. After graduation, Darlynn served as a judicial law clerk to the Honorable John E. Ryan, a federal judge in the 9th Circuit from 1996 - 1997. Darlynn Morgan founded Morgan Law Group in July, 2005 because she saw a need; and she saw that her life experiences and talents could be used to make a difference in the lives of her clients. Darlynn is frequently quoted and published in various publications including the Daily Journal and the OC Register. In 2007, 2008 and 2012, Southern California Lawyer named Darlynn a Super Lawyer, which is awarded to the top 5% of lawyers in southern California.
For more information about Estate Planning Lawyer Darlynn Morgan or the growing popularity of pet trusts in Newport Beach and how to financially care for your pets after death or incapacity, call 949.260.1400 or visit www.MorganLawGroup.com
ABOUT DARLYNN MORGAN – Orange County Estate Planning and Probate Attorney
OC Trusts Lawyer Darlynn Morgan and Morgan Law Group is a Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
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Source: Morgan Law Group