THE BOND you have formed with your pet is a special one, but have you considered who will take care of them if you’re no longer around? Pet trusts are recognized by New York State and allow you to ensure that your animal companion is provided for if you cannot be there for them.
With a pet trust, you can:
• Select the person you want to take care of your pet when you are no longer able to.
• Provide the necessary funds to care for your pet in the way that they are accustomed and the way they deserve.
• Give yourself the peace of mind that your loving companion will be nurtured and taken care of for the rest of their lives.
Who takes care of my pet if I’m no longer able to?
With a pet trust, you pick the person you want to be the caregiver for your pet. It is advisable to also choose one or two alternate caregivers.
Who handles the money in the trust?
The money is handled by the Trustee you select - who can be a trusted friend or a local financial institution. You may choose the pet’s caregiver as the trustee, but that is not necessary.
How does a pet trust get established?
You can set a pet trust up in your Will to take effect when you pass on or you can set up a living trust to become effective during your lifetime.
How long does a pet trust last?
A pet trust lasts for the life of your pet, and upon their passing, you can direct that the balance of any funds available be paid to another beneficiary, i.e. a friend, relative, or perhaps your pet’s caregiver. Some people also consider leaving the balance of available funds to non-profit entities that care for animals, such as animal shelters or animal adoption programs.
Are there alternatives to pet trusts?
Yes. The most common provision that people put in their wills with regard to their pets is a simple gift of the pet to a specific person, along with an additional gift of money meant to assist that person with the cost of the care of the pet into the future. For example, someone might provide: “I give my dog Roscoe to my son John Smith, along with the sum of five thousand dollars to assist in his care and maintenance throughout the remainder of Roscoe’s life.”
Should I discuss the gift of my pet with the intended beneficiary?
Absolutely. Even if the intended beneficiary has always appreciated and had a bond with your pet, it may not mean they are willing and able to shelter and care for them. The best practice is to have a frank discussion with the individual to make sure they are ready to make the commitment.
What happens if you don’t have a pet trust or other specific provision in your will?
In that case, your pet is considered part of your personal property, and it would be left to whomever is the recipient of such property. The executor of your will would have some discretion to direct the transfer of your pet to the most appropriate beneficiary, if you have multiple beneficiaries sharing your personal property.
Whether you have a dog, a cat, or other valued animal member of your family, you owe it to them to ensure you make proper provision for their care when you are no longer around. In order to do so, it is best to consider talking to an experienced estate planning professional about what option is best for you.
Matthew J. Dorsey, Esq. is a Partner with O’Connell and Aronowitz, 1 Court Street, Saratoga Springs, NY. Over his twenty-one years of practice, he has focused in the areas of elder law, estate planning, and estate administration. Mr. Dorsey can be reached at 518-584-5205, This email address is being protected from spambots. You need JavaScript enabled to view it., and www.oalaw.com.
