Posted on Tue, Nov 17, 2009
Pet Trusts, once regarded as an eccentric whim for the very rich, have moved into the mainstream. Given the bond that pet owners feel toward their pets, this type of estate planning is an invaluable way to provide your pets with protection after your demise.
The brutal truth is that if you are incapacitated or die your beloved pet is more likely to end up in a shelter rather than with a family or a neighbor. A Pet Trust is a way to specify a caretaker for your domestic or pet animal and Michigan Statute actually provides for the care of such animals. A Pet Trust is a specific legal arrangement that provides for the care of domestic or pet animals in the event that you become incapacitated or should you pass away.
A Pet Trust allows you to designate a care-taker/beneficiary who will provide care, shelter, and comfort for your domestic or pet animal, using the funds you designate from your estate. This person or institution could be a family member, neighbor, or even the Humane Society. Traditionally, any assets remaining after the demise of a domestic animal or pet are left to the caregiver or designated charitable beneficiary.
When you consider that some types of parrots can live to be 80 years old, this arrangement makes a lot of sense, and can provide you with peace of mind knowing your pet will be cared for.