Michigan law allows you to establish a separate trust for the benefit of your pets. Using a pet trust as an estate planning tool, money can be set aside to take care of your beloved pet upon your passing. This trust can last up to twenty (20) years or until your last pet dies, whichever is first. Any remaining funds are distributed according to your wishes.
A Pet Trust allows the pet owner to make arrangements for the pet’s future needs. In a Pet Trust, the pet owner can designate funds, and the income generated by those funds, if any, for veterinary care, food and shelter as well as the licensing of the pet. The owner is also able to designate the person who will take physical care of the pet.
The person who is transferring his or her assets to the trust.
The person who receives the benefit from the assets that are being held by the trust.
The person in charge of managing the assets in the trust. He or she can hire others to manage brokerage accounts or other assets, but is ultimately responsible for making the decisions with respect to the trust assets.
Contact a Trust Attorney
Regardless of your financial situation, a trust can provide many benefits. Through one-on-one consultations with our experienced Michigan estate planning attorneys, we can use a trust to provide for many different positive results:
- Smooth distribution of assets during incapacity and at death;
- Maintaining privacy regarding the distribution of your assets;
- Protecting minor children and ensuring adequate supervision of assets without court involvement; and
- Lowering estate tax liabilities.
Do you need to establish a trust or have more questions? Contact our trust attorneys today.