According to a report by the American Pet Products Association, Americans spenover $95,000,000,000 on pet products in 2019.
You read that right. 95 billion. With a B!
We love our pets. They’re our most loyal and loving companions. BFFs. Our fur-babies deserve to be spoiled rotten. My fur-baby, Nox, runs the roost.
But... what happens to Sprinkles and Sparky when you die? If you’re lucky, your children or a close friend or family member will adopt and love them. As you know, pet care can be shockingly costly. Food, treats, vaccinations, vet bills, flea and tick drops - the list goes on and on!
Did you know that you can protect your pets and your peace of mind by creating a trust for the care of an animal? Well you can and you probably should! Of course you would enact every possible safeguard for the care and safety of your minor child in the case of your passing, so why should the safety of your adored pet be any different?
Mississippi trust law was amended in 2014, and then in 2017, to specifically provide for such trusts. Mississippi Code § 91-8-408 entitled “Trust for care of animal” states:
“(a) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor’s lifetime, upon the death of the last surviving animal.
(b) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. In addition, a person having a demonstrated interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.
(c) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest.”
Reach out if you have any questions about a trust for the care of an animal! I’d love to chat about your options and your unique circumstance. Call me at (228) 297-1238 or email me at email@example.com.