Pet Trusts for Massachusetts Rabbits (and other pets)
Great news for Massachusetts pet owners! Starting April 7, 2011, pet owners in Massachusetts can start creating pet trusts for the care of their pets in addition to regular estate planning documents such as wills and power of attorneys.
In the past, before Massachusetts passed this law, people could only leave money outright to a person they trust to take care of their pet with no assurance that the money will be used for the care of the pet. Money left to the pet directly was not allowed.
You might all remember the story of Leona Helmsley who left $12 Million in a trust for her dog. Well, even though in the near future, Massachusetts will allow pet trusts, excessive money left to a pet will still not be allowed. A judge will still have the power to lower the amount that’s in the trust to a reasonable amount to care for the animal.
For more information about pet trusts or trusts in general, visit my other blog:
