Our firm understands the importance a pet holds in an individual’s life. That is why you can create a pet trust with one of our experienced New York estate planning attorneys today. To learn more, continue reading and contact us.
What is the purpose of a pet trust in New York?
Before discussing a pet trust, it is important to understand what a trust does. A trust is an agreement that authorizes a trustee to take responsibility for the assets within it until the beneficiary inherits them. A trustor refers to the individual who creates a trust. The person who inherits the assets within the trust is known as a beneficiary. A trustee is a third party that manages the trust on behalf of the beneficiary.
In the state of New York, a pet trust can be used to designate funds and requests for a pet. There are a number of ways in which this can be accomplished. A pet trust can be generated through a will, as a part of a revocable living trust, or a stand-alone trust. It is important to note that if you choose to create a trust on behalf of your pet, the language must be precise regarding the pet’s health care, veterinarians, burial, and how funds should be assigned when the pet eventually passes away.
If you would like to discuss pet trusts further, do not wait to reach out to our skilled New York estate planning attorneys.
How do I begin the creation of a pet trust?
To begin the process of a pet trust, you will need to select a trustee. In many circumstances, it is most helpful to pick a trustee that is separate from the person that has custodial liability for the pet. This allows the trustee to manage the finances while the other individual can act as the guardian of the pet. Quite obviously, you will want to ensure that your choices are made with your pet’s best interest in mind.
Once you have chosen the guardian and trustee, they will need to learn their responsibilities. After the appointed individuals affirm their duties, an official document can be drafted with an inter vivos trust or testamentary trust. Basically, the use of this document allows an individual to plan the care they want their pets to receive. By doing so, an individual can designate sufficient funds for the rest of the pet’s life. Additionally, an individual may want to appoint other trustees or guardians for precautionary measures. With the help of a skilled estate planning attorney, you can feel confident knowing that your pet will be placed in good hands when you are gone. Contact our firm today to get started on this important process.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.