Including pet trusts in a Michigan estate plan | Ann Arbor Estate ...

In recent years there has been a noticeable increase in the amount of people executing trusts for their pets as a part of their estate plans. This recent increase comes as more and more states are allowing trusts to be left for the family pet.

Pets are considered property, and using wills to care for a pet after the death of the testator can be tricky because instructions left about the care of the animal do not have to be followed. Wills must also go through the probate process, which can take anywhere from weeks to years to complete, leaving the family pet in limbo until the process is completed.

Making a pet the beneficiary of a trust is a great way to make sure that a loved animal is well taken care of in case the worst should happen. In particular, a properly established trust can provide more certainty about the future care of a pet than an oral promise from a friend or a provision left in a will. A pet trust can help ensure that the pet goes to a loving family or stays with any surviving children regardless of their financial situation.

When creating a pet trust, it is important to fund the trust and accurately determine the amount of money needed to care for the pet, as courts have the ability to reduce the amount placed into the trusts if it is found to substantially exceed the amount needed for the trust's purpose.

For those who consider the pet to be a part of the family, including a pet trust in their estate plan can go a long way in assuring the pet's continued comfort and well-being.

Source: Chicago Tribune, "Pet estate planning: It's easier than ever to include your pets in your estate plan," Becky Yerak, May 14, 2012.

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