Do you have a pet you wish to care for in your estate plan? Under one of the recent changes in the Michigan Trust Code, you may now create a specific Pet Trust. (MCL 700.7408 which replaced the former MCL 700.2722).
With the new Trust Code options, you may prepare a trust specifically to benefit a “designated domestic pet or animal alive” during your lifetime. The trust directs and funds the care of your pet or multiple pets. Once the last pet cared for under your pet trust dies, any remaining funds are distributed, either back to you if you survive, or according to your other direction. Further, if someone feels your pet is not being properly cared for after you pass, that person may petition the Probate Court for assistance on behalf of your pet. This is an excellent way to care for our beloved pet companions for the duration of their lives when we are no longer able to do so ourselves.
If you would like to explore ways to care for your pets through a Pet Trust, please contact our office. We would be happy to discuss options!
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