A lot of people in North Dakota and Minnesota created estate plans when they were younger, primarily to protect their children and ensure a healthy inheritance. As people get older and their children grow up and move away, many of those who haven’t changed their plans in a while find that their needs and desires change. For a lot of these people their pets become very important to them, and providing for their pets after they die is something they want to add to their plans.
If it’s been some time since you created your estate plan or you didn’t create a plan that took your pet into account, you’ll want to speak to your attorney about creating a pet trust right away.
Pet Trusts
A pet trust allows you to set aside some money to provide for your pet’s care after you die. When you create a pet trust you will nominate a trustee who is responsible for managing the money and ensuring the expenses are paid for. You will also appoint a caregiver who will actually take care of the pet, as well as appoint replacement caregivers if the original is unable to serve.
State Differences
Unfortunately, if you live in Minnesota you do not have the option of creating a pet trust. Minnesota is one of the four states that do not have a pet trust law. North Dakota residents can create a pet trust, but Minnesota residents will have to speak to your estate planning lawyer to explore options available to you.
- What You Need to Know If You Are Applying for Medicaid - September 24, 2020
- Elder Law Questions and Answers - September 22, 2020
- Can a Party Refuse to Honor a Power of Attorney? - September 17, 2020
