Legacies for companion animals have made the news many times in recent years, from the $12 Million that hotel mogul Leona Helmsley tried to leave her Maltese terrier in 2007, to the full range of support that Joan Rivers left her four dogs. While it is not often that you can pull solid life lessons from the tabloids, these stories offer great advice and guidance. They show how common it is becoming for owners to plan for the care of their pets in their estate plans.  Keep reading to determine how you can apply their experiences to support your pet.

The Best Way to Protect Your Pet: The Pet Trust

In 2013, Wisconsin law added a provision allowing for the creation of trusts for the care of animals. This pet trust provides for ongoing payments to the named caregiver, along with specific care instructions that must be followed. Each trust includes as little or as much information as you wish, including:

• How much money you want to set aside for the care of your pets. This amount will vary depending on the type of pet you own, your pet’s lifespan and what special care needs your pet may have. The amount that pet owners set aside can be as low as a few thousand dollars, and averages $15,000 to $20,000.
• Who you will name as your pet’s designated caregiver. Do you know someone who will treat your pet with the same care and compassion that you provide? Will that person continue to be up the challenge as your pet ages? Consider carefully, and make sure your designated caregiver is aware of your choice. It is also smart to offer more than one name, should your first choice not be able or interested in stepping in as caregiver.
• What your pet’s daily routine is like. Describe its eating and exercise habits. Identify its preferences as to food, treats and toys. List your veterinarian’s contact information.
• What your wishes are as to the final disposition of your pet. Do you have a preference as to how your pet’s remains are handled? If yes, lay them out clearly in your trust.
• What to do with any remaining trust funds once your pet passes away. You will need to consider where any remaining trust funds should go after your pet is gone. Some owners choose to donate it to a pet shelter or other charitable organization. Others choose to let the remainder go to the person who was caring for the pet. The options are endless, and the choice is yours, but you must ensure you declare that choice in your trust.

You can create your trust to become effective upon your death. But you can also make it so that it is effective if you become incapacitated during life. The temporary caregiver would step in as long as your disability lasts. Work with your attorney to determine when your trust should take effect, how extensive your trust should be and how you will fund it.

Providing for Your Pet in Minnesota: The Last Will & Testament

Here at Kosa Law Office, we serve clients in Minnesota as well as Wisconsin. Unfortunately, Minnesota law does not provide for pet trusts. So if you live in the Land of 10,000 Lakes, your best option to provide for your pet is to lay out your wishes in your will. You can specify the same things in your will that you would otherwise put in a pet trust. You can then create a separate power of attorney specifically for the care of your pet should you become incapacitated due to injury or illness.

Gain Peace of Mind Knowing Your Pets Are Protected

If you own a pet that you love and cherish, make sure you set aside a bit of your estate specifically for your pet. Doing so can provide you with peace of mind, knowing your pet will continue to get the love, care and support it needs even after you pass.

Photo credit: Photo by m01229 (some rights reserved)