Including A Pet Trust In Your Estate Planning - New York Estate Planning News

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Including A Pet Trust In Your Estate Planning

Many New York pet lovers may not have considered their pets as beneficiaries to an estate. According to the Times Herald-Record, including pets in a tool such as pet trust into one's estate planning helps guarantee the animals will receive the optimum care needed when a pet owner passes away. Pet owners Bob and Laura made it a priority to decide on who would take care of their dog, Samson, and cat, Delilah, after their death.

Trusts for the care of pets are legally enforceable under New York law. Local residents can arrange a pet trust in a trust or will. While a trust is private and doesn't go to court, a will becomes a public document once submitted to court. The court administers the directions in a person's will as well as pet trust provisions.

Bob and Laura chose to create pet trusts in their own trusts. The couple chose Bob's brother Rich to be the trustee, of the pet trusts. Rich will be the caretaker who is responsible for keeping tabs on the money allotted to Samson and Delilah's care. Trustees and caretakers don't typically have to be the same person, but many people often arrange it that way.

The pet trusts indicate Bob and Laura will leave each of their surviving pets $10,000 when the owners pass away. The trust money may only be used for the "proper medical care, support, and maintenance" of Samson and Delilah until the death of the last surviving pet. What's left of the money, which is known as the "trust balance," will be allocated according to the couple's wishes.

To learn more about setting up a pet trust, contact New York estate planning lawyer who can make sure your interests are met. For general information, refer to the Related Resources links.

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