Planning Ahead for Your Pets Pet Trusts in Minnesota
They greet you at the door at the end of a long workday. They cuddle up with you when you’re feeling down. They’re companions and friends, and they certainly aren’t “just pets.” They’re family.
Whether you have Fido the beloved Schnauzer or Felix the frisky cat, you love your pets! We celebrate our pets’ birthdays, buy them cozy beds, and sometimes even let them sneak the last bite of a burger.
We treasure our pets, so we hate to think about this difficult question: what happens to your pet if something happens to you?
Most of us assume a family member or friend will step in. And sometimes that works out. But other times, it doesn’t go as smoothly.
Maybe you hope your sister will take care of your golden retriever, but her apartment is too small. Maybe you were planning on your nephew taking in your cats, but his job transferred him to Belgium. Maybe your elderly dog requires expensive care that feels like a burden to your friends.
That’s where a pet trust can come in.
Can’t I just put details in my will?
Yes, a will is a good start. A will allows you to name one or more persons as caretakers for your pet(s) after your death. Of course, you should discuss this with your designated caretaker before naming them to make sure they are willing and understand what is required to care for Fido or Frisky.
A will is a good start, but it might not provide all of the parameters you’re looking for. A pet trust takes the care of your pet a step further.
What’s a pet trust?
Since 2016, Minnesota has allowed people to create trusts specifically for pets. A pet trust is a safety net: you set aside money for your pet’s care and provide enforceable instructions. You can still name a caretaker, but you also can name a trustee — the person who manages the money to make sure it’s spent on your pet.
Now you’ve named the person or people who will care for your pet, and you’ve also made a financial plan to ensure Fido or Frisky still gets their preferred food, treats, and vet care. Even better, you haven’t created a financial burden for your selected caretaker(s).
This money must be spent on the care of the pet, so if the pet dies before the money in the trust is spent, you get to designate a backup recipient for the excess funds.
The best part? The trust lasts for the lifetime of your pet. Whether you have a Labrador who loves swimming in the lake or a parrot that says “hello” each morning, their future care is legally secured.
Why do pet trusts matter?
At the end of the day, creating a pet trust is about love. It’s about making sure your companions — the ones who keep your feet warm in bed, ride shotgun with their heads out the window on road trips, or bang their bowl to remind you it’s time for dinner — are safe and cared for, no matter what life throws your way.
We can’t predict the future, but we can make sure our furry and feathered friends are provided for. If your pet is a treasured member of your family, schedule a free consultation with Miroslavich Law to discuss your options for a pet trust and other estate planning needs. Fido and Felix will thank you!
