In Dog We Trust: Planning for the future with pet trusts
Friday, January 15th, 2010
By Meredeth Barzen
Have you ever thought about how your dog would be taken care of if (knock on wood) something happened to you? These days, as pets are becoming even bigger parts of our families, some owners are taking precautions and setting up trusts for their pets, says animal lawyer (that’s a lawyer for animals; not a lawyer who is an animal) Kortney Nordrum of Minneapolis-based Nordrum Law.
While still relatively uncommon, Nordrum says, pet trusts are gaining notoriety, especially after heiress Leona Helmsley left millions to her dog, Trouble—aptly named, considering the litigation that’s happening as a result of her last gift.
Those who have friends or family who can take care of an animal once they can’t may not feel the need to set up a trust for their pet, Nordrum said, but for dogs who have expensive special needs (like Original Sidewalk Dog Luc, as a virtue—or vice—of his lemony nature), a pet trust could help ease the financial stress for your pet’s next caregiver.
Here’s how they work: “When one is meeting with their attorney to write their will, they can also set up a pet trust,” Nordrum says. “In the trust, the person gives their pet and a sum of money to a trusted friend or a bank (this person is called the ‘trustee’) after their death. This trustee is then under a duty to arrange for the care of your pet, according to your instructions. This way, after you are gone, your pet’s caretaker has funds available, and directions as to how you would like your pet cared for.”
Some things to keep in mind about pet trusts:
If a pet trust isn’t right for you, consider drawing up a basic contract with someone to take care of your pooches once you are unable to. The drawback to this less-complicated option is that you can’t give as specific instructions to the caregiver, Nordrum says.
Laws on pet trusts vary from state to state. Here in Minnesota and in six other states, there are no laws on the subject. “Some states allow you to write a pet into your will, like a relative,” Nordrum says. “Many states, however, require a pet trust in order to assure the care of your pet once you are gone.”
For more information on pet trusts, visit www.pettrustlawblog.com and www.professorbeyer.com, sites on the subject run by attorneys.
“The purpose of a pet trust is to create a plan for your pets in the event you are unable to care for them. Each year, many pets are euthanized because their owners have become incapable of caring for them,” Nordrum says. “Pet trusts try to keep this from happening.”










