Companion animals often have a net positive impact on their owner’s lives. They provide affection and stave off loneliness. They motivate people to exercise. They can be a source of joy and fun memories. As such, those who are responsible for animals typically want to ensure there is someone to take care of their animals, even after they pass. Some people choose to address pet-related concerns in their estate plans.
Is the inclusion of a pet in a will an effective means of protecting that animal in Michigan?
Animals cannot inherit property
While individual owners may think of their pets as part of the family and may treat them like people, the state views animals as property. They belong to humans and do not have property ownership rights of their own.
Including a pet as a beneficiary in a will can lead to probate complications. It can also leave the animal at risk, as people may offer to take care of it to access the inheritance intended for the animal.
For those who truly want to provide for their pets in their estate plans, adding a trust to the estate plan may be the best solution. A pet trust can structure the use of resources and provides oversight regarding the treatment of the animal. The trustee can help ensure that the animal’s caretaker treats it with respect and kindness. Trust funds can also pass to specific beneficiaries when the animal no longer requires support.
People concerned about providing for their companion animals may need to talk about wills, trusts and other estate planning solutions with a legal professional. Addressing dependents effectively in an estate plan requires an understanding of the law and the right legal documentation.