What to Know About Pet Trusts in New York

What to Know About Pet Trusts in New York

For many people, a pet is a member of your family. Because of this, it is important to plan for your pet’s future, just as you would for your children or spouses. One way to do this is by creating a pet trust. Read on to learn more about pet trusts in New York.

What is a Trust?

A trust is an agreement that provides a trustee with the authority to take care of the assets within it until the beneficiary inherits them. The individual who creates a trust is known as a trustor. The person who receives the assets within the trust is known as a beneficiary. A third party exists as well to manage the trust on behalf of the beneficiary. This person is known as the trustee.

What is Included in a Pet Trust?

Many people create trusts for their pets. By using a pet trust, you are able to designate the wishes you have for your pet as well as allocate certain funds for their care. This can be done in a will, as part of a revocable living trust, or a stand-alone trust. In doing so, it is important to be specific regarding what is included. You may include information about your pet’s healthcare, the veterinarians they have, your plans for their future burial, and how leftover funds should be distributed when the pet dies. You may also want to leave funds to provide food and vet care. 

How is a Pet Trust Set Up?

The first step in creating a pet trust is to choose a trustee. Often, this person should be different from the guardian. The guardian will have physical custody and responsibility of your pet, whereas the trustee will manage your pet’s finances. It is best to choose two separate people because both jobs are big responsibilities and handling both can be overwhelming. 

Once both parties are chosen and informed of their duties, an official document can be drafted. This can be done with an inter vivos trust or testamentary trust so that you can determine care for your pets. This involves providing proper funding for the rest of the pet’s life. During this time, it can be beneficial to choose backup trustees or guardians. 

It is important to speak with an experienced estate planning attorney to ensure that your pet is cared for. Reach out to our firm today to discuss your options.

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.

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