We love our pets here at DLO. Which is why we think it’s great that the Minnesota legislature finally approved a law that allows pet owners to create a trust for their pets when they die.
Minnesota Statute 501C.0408 went into effect last August. Under the new law, a pet owner can set aside money for their pets, name a person to manage the money, and specify how the money will be spent. The trust will end when the last pet dies and can’t last more than 90 years (which, unless you have a Galapagos tortoise shouldn’t be a problem).
Without a trust in place, pets are treated like personal property. You may give your pet to a specific individual and give that person money to care for the pet. The downside is that the person does not have to accept the gift and, if they do accept, can then do whatever they like with the pet and the money regardless of your wishes.
Let us know if you’re interested in setting up a pet trust. It’s always a good idea to review your estate plan (or create one in the first place) at least every few years, so be in touch and we’ll walk you through the process.