Legally, pets are classified as property, but to owners, they mean much more than that. Pets are companions, best friends, and members of the family. For many people, pets are an integral part of the family. A pet gives unconditional love. But what happens to our pets when we can no longer care for them? Minnesota passed a Pet Trust Law last year that allows you to create a pet trust.
A pet trust allows you to control how your pet will be cared for in the event of your death or incapacitation. Setting up a trust for your pet allows you to leave money for your pet’s care and name a guardian for your pet. Trusts can also take effect if the owner is alive but incapacitated, and they can be set up for a single animal or a group of animals. Pet trusts can be used to care for any designated pets or domestic animals, such as dogs, cats, horses, rabbits, exotic birds, etc.
Money left to the pet trust is dedicated to the animal’s care until the animal dies. Important considerations to make before creating a pet trust include talking with the person(s) you want to care for your pet to make sure they are willing to do so. It is also important to describe in detail your pet’s standard of living and care. Questions to address include any medications your pet takes daily, and how often your pet eats. Also, be sure to determine the amount of funds needed to adequately cover the expenses of your pet’s care. Last, you must designate where the remainder of the money in the trust will go once the pet dies.
Creating a pet trust is the only way to make certain that the money in the trust is used for your animal. Money in the trust can help alleviate the financial pressure that is often placed on the guardian that is designated to care for the pet upon death. Any money that is remaining in the trust after the passing of the animal will be dictated by the terms of the trust. The creator of the trust can designate the remainder of the money to go to the guardian of the pet, or could donate the money to charity or an animal fund. You are able to decide where the money goes when you create the trust.
As painful as the thought of leaving your companion behind may be, there is no greater sense of security for pet owners than knowing that their pets will be well provided for. Schromen Law, LLC can help protect your pet and offer you peace of mind that your furry friend is loved and taken care of in the event you are unable to do so.
The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Schromen Law, LLC and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.