Few of us want to think about what might happen to our pets in the event of our incapacity or untimely death, but with over 62% of households owning a pet, providing for our pets becomes an important piece of estate planning. In fact, more people in the United States have companion animals than children!
Pets whose owners are suddenly unable to take care of them because of incapacity or death sometimes run away, are taken to a shelter and put up for adoption, or euthanized. The Humane Society of the United States estimates that 4 to 5 million pets are euthanized annually, with more than 1 million of these as a direct result of the failure of their owners to provide for their pets in the event of death or incapacity.
This doesn’t have to happen to our pets. Advance planning for your pet gives you peace of mind that your animal companion will be cared for as you wish, and protects the pet, your family, and the community, by responsibly providing for your pets throughout their lives, with or without you.
Gifts made directly to pets in wills are invalid because pets are not legally recognized as “persons”. Although nonbinding, you may give your pet to someone in your will and make a cash gift to that person to help offset the expenses of your pet. Minnesota has not yet adopted a statute expressly permitting pet owners to establish a Pet Trust, as most states have done. However, it is possible to set up a type of common law “honorary” trust, as well as other options that can fully accomplish a pet owner’s goals.
We have recently developed a “Pet Profile” form to help you plan for your pet’s future. Please contact our office if you would like the form sent to you.