If you have pets, you may worry about how your furry family members will be taken care of when you are incapacitated or die. While you may assume family members will step in to care for your pets if something happens to you, a pet trust eliminates the uncertainty.
At the Estate Planning & Elder Law Firm of Michigan, our experienced Howell MI estate planning lawyers can help you protect your pets with a carefully crafted pet trust as part of a comprehensive estate plan tailored to your situation.
What Is a Pet Trust?
Under MCL§ 700.7408, you can create a legally binding arrangement that provides for your pets' ongoing care and financial support if you become incapacitated or pass away. The trust holds funds designated for your pets' ongoing needs, such as food, shelter, veterinary care, and grooming. You appoint a trustee to manage these funds and ensure your wishes are fulfilled.
What Are the Advantages of a Pet Trust?
While you may be tempted to make informal arrangements for your animals’ care, a pet trust offers several key advantages that will give you peace of mind knowing that your pet family members are cared for. They include the following:
- Legal enforceability. A pet trust is a binding legal document that ensures your wishes are followed even if family circumstances change.
- Specificity. You can detail exactly how you want your pets cared for, including food preferences, living arrangements, and medical treatments.
- Financial protection. The funds in the trust are earmarked solely for your pets' care, preventing misuse by family members or future owners.
- Peace of mind. Knowing your beloved companions will be cared for according to your standards gives you the reassurance you need.
Qualities to Look for in Choosing a Caregiver and Trustee for Your Pet
Two of the most critical decisions in creating a pet trust are selecting a caregiver and naming a trustee. The caregiver is the person who will physically take custody of your pets and provide daily care. Key qualities to look for when picking a caregiver include:
- Relationship with your pets. If possible, choose a caregiver that your pets already know and trust to ease their transition.
- Financial stability. While the trust will provide funds, the caregiver should have a secure living situation and the ability to manage pet expenses.
- Willingness to assume responsibility. Discuss the commitment involved openly and honestly with potential caregivers. Never name someone without their agreement.
Your trustee will oversee the financial aspects of your pet trust and ensure the caregiver follows your instructions.. Look for someone who is:
- Trustworthy and reliable. The trustee will be responsible for following your instructions and managing funds responsibly over the lifetime of each of your pets.
- Familiar with your wishes. Naming someone who knows your expectations can prevent misunderstandings about the level of care to provide for your pets.
- Financially savvy. While a high level of financial expertise isn't required, your trustee should be comfortable with budgeting and record-keeping.
How to Create a Pet Trust in Your Estate Plan
There are several options for creating a pet trust in Michigan:
- Standalone pet trust. This is a separate trust document solely for the care of your pets. It can take effect during your lifetime or at your death.
- Pet trust provision within a larger trust. You can include pet care instructions and funding as part of a comprehensive revocable living trust. The trustee would manage your pets' care and other trust assets.
- Will. You may also create a pet trust in your will. However, a will-based trust will not take effect until your death and requires probate court involvement. A standalone or living trust arrangement provides more flexibility and immediate control.
Regardless of which option you choose, you may also want to include instructions in a letter of instruction to your family members about your wishes for your pets’ care. This can be helpful if you’re creating a pet trust in your will.
Important Provisions to Include in Your Pet Trust
A well-drafted pet trust will include detailed instructions for your pets' care. Consider specifying:
- Living Arrangements. Specify where your pets will live, such as with a designated caregiver or in a pet-friendly facility. Describe the ideal living environment, including indoor/outdoor access, space requirements, and any unacceptable conditions. Detail your expectations for socialization, exercise, and enrichment activities.
- Daily Animal Care. Provide instructions for your pets' daily needs, including food brands, serving sizes, and feeding schedules. Describe grooming requirements, such as brushing, bathing, and nail trims. List your pets' favorite toys, bedding, and other comfort items that should remain with them.
- Veterinary Care. Identify your preferred veterinarian and any specialists your pets see. Detail the preventive care your pets should receive, such as annual check-ups, vaccinations, and dental cleanings. Provide guidance on the level of care you authorize for illnesses and injuries, including any treatments you do or do not want to be performed.
- Trustee and Alternate. Name a trustee to manage the pet trust funds and ensure your instructions are followed. Specify the trustee's responsibilities, such as paying the caregiver and overseeing your pets' care. Designate an alternate trustee and caregiver to serve if they are unable or unwilling to fulfill their duties.
- Funding the Trust. Decide how much money to place in the pet trust initially, considering your pets' expected lifespans and the standard of care you've outlined. Specify any additional funding sources, such as a portion of your estate or life insurance proceeds. Provide instructions for distributing any remaining funds after your pets pass away, such as leaving the money to your caregiver or an animal welfare charity.
Remember, the more detailed and specific your pet trust provisions are, the better equipped your trustee and caregiver will be to carry out your animal care wishes for your pets. Whichever method you choose, our experienced Howell, MI, estate planning lawyers can help you create a comprehensive pet trust that reflects your unique circumstances and goals and that is adequately funded. We know the joy and companionship animals bring to our lives, and we're dedicated to helping you create a pet trust that reflects your wishes and protects your pets’ future.