Ordinarily, when you think of setting up a trust for your heirs to inherit your assets, you probably are thinking of human beneficiaries.

Well, times have changed. As of July 1, 2014, it’s actually possible to designate pets as beneficiaries! This is based on the passage of the new Mississippi Uniform Trust Code–specifically, Section 91-8-408.

What Is a Pet Trust For?

I know you’re probably thinking of this as a Leona Helmsley situation, where pets are treated like humans and given extravagant sums that could go toward something more beneficial.

In reality, it’s nothing quite that ostentatious.

Basically, a pet trust provides for the care of an animal. You have to create the trust while you’re alive, and the trust will terminate upon the death of the animal (or the last surviving animal, if the trust was designated for more than one animal).

While it could be provided for a pet like a spoiled Maltese dog, this could equally apply to a horse or other expensive prized animal.

Most importantly, the whole rationale behind a pet trust is to set aside money so that an animal is taken care of without being a financial burden on its new caretaker. You’ll find plenty of pet trusts with assets in the range of just $50,000 or so.

In Mississippi, the ability to set up a pet trust is quite new. If you have any questions about this or other estate planning topics, feel free to give us a call!

~ Ronald Morton