For many of us, our pets are beloved members of our families, and we want to be sure that they will be well taken care of after we pass.
Typically, we can provide for the ongoing care of any pets we have at our death through standard estate planning documents. Alternatively, you may establish a separate Pet Trust.
- How do you protect your pet in your estate plan?
- Absent any specific planning, hopefully, a family member or friend will adopt your pet after you pass away. Of course, in many instances, the future of a pet is discussed with a family member or friend, and an arrangement is informally agreed upon.
- If you would prefer a more formal arrangement, or if you’d like to provide a financial gift to your pet’s future caretaker, there are several options.
- Under Minnesota law, pets are considered “personal property.” As personal property, the future recipient of your pet may be listed in a document referred to as a Separate Writing Identifying Distribution of Personal Property. In a Separate Writing, you list your pet (or refer to any pet you may have at your death) and identify the person you would like to receive your pet. A Separate Writing may be used with either a Will or a Trust-based estate plan.
- You can also include provisions in a revocable trust for the distribution of funds to the person identified as your pet’s caregiver.
- What is a Pet Trust?
- In 2016, Minnesota formally authorized Pet Trusts. The Pet Trust is a legal document and it’s the most formal way to provide for your pet. You set up a Trust and provide specific direction regarding how the funds may be used for the future care of your pet.
- In 2016, Minnesota formally authorized Pet Trusts. The Pet Trust is a legal document and it’s the most formal way to provide for your pet. You set up a Trust and provide specific direction regarding how the funds may be used for the future care of your pet.
- Can a pet be the beneficiary of a trust?
- Your pet will benefit from care, food, vet services, pampering, and other things authorized by the Trust. Legally, however, the human caregiver who is incurring expenses on behalf of the pet is the beneficiary of the Trust.
- Why create a pet trust?
- In most cases, I would not advise clients to establish a Pet Trust, only because they are expensive, formal, and could be difficult to enforce. The other options for providing ongoing care for your pets are usually sufficient.
- A Pet Trust could be useful if a person has multiple pets and wants to make sure that their care was provided for officially and has significant funds to provide for. If there are remainder beneficiaries of any funds that are left either be the caregiver or be a charity benefiting animals or animal welfare.
Get advice about creating a pet trust, contact Amy Kuronen by form or call her at 218-464-1459.
