Have you thought about what will happen with your money, assets, house, etc. when you pass away? What about what will happen with your pets? A dog owner in Tennessee made sure his dog, Lulu, will live out her life luxuriously after leaving her $5 million of his estate, and specified her new caretaker to ensure Lulu’s funds are put to good use. Minnesota does recognize pet trusts, which allow a pet owner to set aside funds for their pet so they are taken care of should the owner pass away before the pet. A person can include instructions including the type of food, medical care, exercise, housing, etc. that a pet should receive from their appointed caretaker. Setting up a pet trust is just one component of estate planning, but for some people, it’s a matter that they haven’t yet considered, but is of great importance to them. For many people, making sure their pets are taken care of is as important as making sure their children are taken care of, if you are one of those people, a pet trust might be something to consider. Make sure your family, which includes your pets, will be well taken care of at your passing. If you haven’t set up your estate planning, it’s never too early to do, contact our office today for a consult.
Estate Planning – Taking Care of Your Pets
Feb 15, 2021