Many people can affirm that their pets are a part of their family. Because of this, New York allows individuals to include their pets in their estate plan to ensure that they are taken care of in the event that an owner passes away. To learn more, reach out to our skilled New York estate planning attorneys at The Lauterbach Firm today. Our dedicated legal team is here to help you through this process.
What is the purpose of a pet trust in New York?
In New York, a pet trust can be used to allocate money and wishes for an individual’s pet. There are several ways in which this can be done. A pet trust can be created through a will, as a part of a revocable living trust, or a stand-alone trust. You must recognize that if you decide to create a trust on behalf of your pet, you will need to be very specific regarding the pet’s health care, veterinarians, burial, and how funds should be assigned when the pet ultimately passes away.
To learn more about pet trusts, do not wait to reach out to our dedicated New York estate planning attorneys today.
How do I begin the creation of a pet trust?
The first step to crafting a pet trust is appointing a trustee. In most cases, it is most beneficial to choose a trustee that is different than the person that has custodial responsibility for the pet. The reason for this is so that the trustee can handle the finances while the other individual can serve as the guardian of the pet. Most importantly, you will want to make sure that your decisions are made with your pet’s best interest in mind.
After choosing the guardian and trustee, you will want to let them know about their responsibilities. Once the appointed individuals accept, an official document can be drafted with an inter vivos trust or testamentary trust. Essentially, the use of this document permits an individual to layout the care for their pets. By doing this, an individual can allocate enough funds for the rest of the pet’s life. It also may be beneficial to appoint other trustees or guardians for precautionary measures. By consulting with an estate planning attorney, you can rest easy knowing that your pet’s life is protected when you are gone. Reach out to our firm today to learn more.
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.