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Most pet owners think of their pet as a member of the family.
What is a pet trust?
A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.
When a client comes in to set up a pet trust, we will ask what provisions he has already made or thought about for his pet. Some of our clients know who will be taking care of their pet when they die, but we need to secure that by naming the individual in a trust.
Since pet trusts are not as common as other trusts, it is important that the proper provisions are set forth.
Here are a few things to think about:
- Who will be named as the Caretaker for your pet?
- Who will be named as Trustee to disburse funds to the Caretaker?
- How much money will you place in trust?
- How often will the payments be disbursed and in what amounts?
- What are the Caretaker’s responsibilities and instructions regarding housing, food, veterinary care and whatever else is needed throughout the pet’s lifetime?
The pet trust will terminate upon the death of the pet. Upon termination of the trust, the assets will be distributed to a specified beneficiary or beneficiaries.
If you would like to discuss this further, please call today for an appointment with one of our experienced estate and trust planning attorneys at 800-680-1717.