[TXMisfits]

Intending to fund a trust account with my bank for any living animals (canines) with a minimal amount of money and the bulk of funding coming from a Life Insurance policy. I also have a Statutory Durable Power of Attorney that becomes effective on my disability to care for myself / pets. The only Living Will I have is for medical purposes and I can't see this covering my animals.


Question:

1. Is a "Living Trust" a Revocable or Irrevocable trust?

2. I also have a blank form entitled, "Bequest in Trust for the Care and Maintenance of Pet (Long Form), is that one of the above trusts?

2. How should the wording read on the Insurance policy for the beneficiary's name. Example: "John James, Trustee for the TXMisfits 'Revocable or Irrevocable' Trust??

3. The Trustee is also a signer on my bank accounts; therefore, if I become disabled or unable to care for my pets, can the Trustee write a check from personal accounts to the Trust to pay for any medical or personal care/needs the pets may need?

I have printed out and read the "Estate Planning for Non-Human Family Members" published on the Internet by Gerry W. Beyer, Professor at TX Tech University and written by Governor Preston E. Smith, Regents Professor of Law, TX Tech University School of Law; the Texas State Statutes of the Property Code, Chapter 112, Sec. 112.037 - Sec. 112.059, "Trust for care of Animal"; The Michigan State University College of Law, "The Animal Legal & Historical Center" on the TX Property Code 112.037; the Phoenix Landing Foundation, "Estate Planning for Pet Owners" and Legal Zoom, etc.

Any assistance, would be more then appreciated.

[AK lawyer]

1. Is a "Living Trust" a Revocable or Irrevocable trust?

A "living" trust, as opposed to any other kind, merely means that it takes effect during the trustor's lifetime instead of only after your death. The phrase "inver vivos", as describing a trust, means the same thing ("during life"), except in Latin.

Of course, we would have to know which state or country it is in which this trust was created to be sure, but assuming that you are from Texas, you should review this section of the Texas Property Code (which is one of the sections you meantioned):

"Sec. 112.051. REVOCATION, MODIFICATION, OR AMENDMENT BY SETTLOR. (a) A settlor may revoke the trust unless it is irrevocable by the express terms of the instrument creating it or of an instrument modifying it.
..."

So, in other words, unless your trust expressly says it's irrevocable, it is revocable.

2. I also have a blank form entitled, "Bequest in Trust for the Care and Maintenance of Pet (Long Form), is that one of the above trusts?

Revocable or irrevocable? Sure, I believe any trust is one or the other, or a combination of both, I suppose.

2. How should the wording read on the Insurance policy for the beneficiary's name. Example: "John James, Trustee for the TXMisfits 'Revocable or Irrevocable' Trust??

Probably would work. But to be sure, refer to the trust instrument by name.

3. The Trustee is also a signer on my bank accounts; therefore, if I become disabled or unable to care for my pets, can the Trustee write a check from personal accounts to the Trust to pay for any medical or personal care/needs the pets may need?

The trustee is the same person who has the POA? He/she could do so either as trustee or via the POA.

Too much knowledge can be a dangerous thing. You have read the treatises you mention, but be sure you also understand the basic concept of trust law also. And also be sure you understand that the statutes of Texas may not necessarily apply in your state (unless of course that state is Texas)..