Friday, April 29, 2016
It has become standard practice for states to permit pet trusts to be included in an estate plan. Minnesota is the only state left that does not allow pet trusts. There are lawmakers in Minnesota who would like to change the law and permit these kinds of trusts. “It seems that Rep. Dennis Smith, most likely along with his dog Reagan, planned to make the case to Smith's colleagues that it was time for Minnesota to end this unique designation.” In the State of Minnesota people can make gifts to their pets in their wills, but there is no legal requirement that money be spent on those pets. With a pet trust the cash must be spent on the animal as a matter of law. In every other state besides Minnesota people can set up a pet trust with the assistance of an experienced estate planning attorney.
See Kyle E. Krull, How Many States Allow “Pet Trusts” as Part of an Estate Plan?, The Law Offices of Kyle E. Krull P.A., April 28, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.