Ensuring Your Pet’s Future
Including Your Pet in Your Estate Plan
I was watching TV the other day when the Chewy commercial came on…you know the one where the decedent leaves his beach house to his cat, along with pre-arranged monthly Chewy deliveries of all his cat’s needs for the remainder of the cat’s life. It got me thinking about my own pets and what would happen to them if I passed away before they did. Without a plan, they could end up in a shelter or worse.
Planning for the care of your pet after you die is a responsible and compassionate act providing peace of mind for you and securing the well-being of your beloved pet companion. Including provisions for your pet in your estate plan enables you to designate a trusted guardian who will take on the responsibility of caring for him or her if you should predecease your pet. By specifying your pet's needs, routine, and medical requirements, you can ensure that your pet receives the love, attention, and care they deserve. Additionally, you can allocate funds from your estate to cover the costs associated with their care, including veterinary expenses, food, grooming, and other essentials. Taking the time to include your pet in your will allows you to protect their future and ensure they continue to live a happy and fulfilling life even after you're gone.
Include Your Family Pet in Your Will
Don’t leave it to chance, include your loving pet and companion into your estate plan.
Here is what you need to know:
A trust for the care of a designated domestic or pet animal is valid in New York. First, you should designate a person you trust to provide care for your pet. This person should be trusted to manage not just the care and welfare of your pet, but the finances you leave for that care. If you do not designate your pet’s caregiver, the court will appoint one.
A pet trust shall terminate when the living animal beneficiary (or beneficiaries) of such trust are no longer alive.
No portion of the money or property designated for the care of your pet may be converted to the use of the trustee or to any use other than for the benefit of your pet(s) until the trust is terminated by the death of the pet or other specific event identified in the will or trust documents. However, a court may reduce the amount of money or property transferred to your pet’s trust if it determines that such amount substantially exceeds the amount required for the care of your pet. The amount of the reduction shall be passed back to your estate.
Upon termination, the trustee shall transfer the unused trust property as directed in the trust instrument or, if there are no such directions in the trust instrument, the property shall pass to your estate. For example, upon the death of your pet, you can designate his or her caretaker or veterinarian as the recipient of any unused money.