CAN YOU GIVE MONEY TO YOUR PET IN YOUR WILL?
Thanks to the passage of the Minnesota Pet Trust Statute this year, you can legally set up and fund a trust with money to pay for expenses of a caretaker or shelter to care for your pet after you pass away.
By setting up a pet trust, you can provide for one or more pets and be certain that the money will be used for the pet(s)’ care during their lifetime without the risk of the caretaker using the money for themselves. The trust would terminate when your last pet passes away or when the money is exhausted. Any money remaining in the trust after your last pet dies would go to your heirs-at-law or whatever person or organization you specify. The trust can benefit any pets that you own at the time of your death, whether furry, feathered, scaly or hairy.
The pet trust must be carefully drafted to comply with the statute to assure that your pets benefit and not unintended human heirs.
Anyone can benefit from an estate plan review regardless of the size of your estate. Call our office for a free half-hour initial appointment to discuss these and any other issues you may have, if you are considering an estate plan.