Fido’s Fortune: Can Your Pet Be Your Benefactor in Michigan?
Pets are truly the most loyal friends you can have. These little creatures mean a lot to us in Michigan and around the world. During our companion's lifetime, we spend thousands! Michigan First Credit Union states that over the course of a dog's life, the average Michigander will spend between $14,500 and nearly $16,000. Are they worth it? Yes they are!
Can You Leave It All to Your Pet When You Pass, and Would They Flush You?
They filled your life with joy and maybe filled your shoe with something here and there too, so you want to make sure they are taken care of when you're gone. Maybe your ungrateful children never appreciated you the way your pet turtle does and maybe you'd like to give your entire fortune to said tortoise. Will the powers that be roll over and let you will your estate to a dog, cat, snake, snail, chinchilla, or pigmy marmoset?
According to the law, pets are property, and property can't own property, so when you die they are divided up with the rest of your assets. This obviously doesn't sit too well with animal lovers, but it is the law. So your little Mittens can't be a millionaire in the state of Michigan or anywhere in the United States.
So how do you ensure that your little friend is taken care of when you're gone? Michigan allows for Pet Trusts. These trusts allow you to provide funding and instruction for the caregiver of your furry (or scaly) friend. You can even pick the caregiver and a third party to check in on them from time to time.
For more information on a Pet Trust, follow this link to the Michigan Humane Society's website.