Pet Trust

Estate Planning for Pets

Published on: October 5, 2022 | by Ettinger Law Firm

In the event of their death, many people wish to provide for the adequate care and feeding of their beloved dog, cat, bird or other pet. Here is an abridged version of New York’s statute authorizing a trust for your pet;

The intended use of the principal or income, of a trust for the care of a designated domestic or pet animal, may be enforced by an individual designated for that purpose in the trust instrument. Such trust shall terminate when no living animal is covered by the trust.
No portion of the principal or income may be converted to the use of the trustee or to any use other than for the benefit of a covered animal.

Demand for Estate Planning Increases As More Millennials Become Caregivers

Published on: March 14, 2022 | by Ettinger Law Firm

As the country enters a third year of living in a pandemic, estate planning is seeing an increase in millennials who are surpassing the baby boomer generation as the generation who performs the most caregiving for both children and aging parents.

Millennials are creating their own families, while simultaneously caring for their aging parents during a pandemic. This, in turn, is leading more caregivers to plan for the future. Even though millennials are taking responsibility for writing wills and creating trusts to establish families’ financial status, most adults in the United States lack an estate plan. Hopefully, by making digital estate planning as easy as possible, more people will create estate plans that achieve their wishes.

Key Findings from the Study

Estate Plans Should Contemplate Pets

Published on: March 1, 2022 | by Ettinger Law Firm

Many people find great enjoyment in sharing their life with a pet. Data reveals that about 90.5 million families in the United States own pets. For both people who are natural caregivers and those who require a pet’s companionship, pets can introduce a great sense of belonging to people. The consideration of pets is routinely overlooked when anticipating death and incapacity, though.

Consider Your Pet’s Specific Needs

When creating a trust or last will and testament, the needs of specific animals should be considered. Passing on responsibilities associated with small pets that live indoors is substantially different than requesting someone watch barnyard animals. You should consider who might be able to act as a future caregiver for your pet. Remember to be realistic about how this person will likely handle taking care of your pet.

PLANNING FOR YOUR PETS IN YOUR ESTATE

Published on: November 12, 2015 | by Ettinger Law Firm

NEW YORK TRUSTS FOR PETS

Some animals are undoubtedly beloved pets. They provide us with love and companionship, while there are other animals that are more than pets. For example, horses are an investment, they are a partner in exercise, they help some children with therapy and a comrade to see the world with if you ever had the distinct pleasure of exploring the wilderness on horseback. Seeing eye dogs or other therapeutically trained animals are literal life savers in some cases. All of these animals are deserving of the full legal protections that you can provide to them. Pet trusts are not tools reserved for the rich and eccentric. As of 2012, 46 states (and the District of Columbia) have laws in effect that allow for pet trusts. In 1996, the New York legislature enacted NY EPTL § 7-8.1, which allows for the care of any pet or animal by way of a trust, which terminates when the beneficiary animal dies. In fact, pet trusts are so popular and well ingrained in the law, that there is a model, uniform law, found at Uniform Trust Code 402. Pet trusts are now practically commonplace.

WILL VERSUS TRUST

Hurricane Sandy, Pets, & Planning

Published on: November 19, 2012 | by Ettinger Law Firm

Many lessons can be taken from the beating that our state took in recent weeks as a result of Hurricane Sandy, not least of which is the resiliency of New Yorkers. However, as we piece things back together, some advocates are reminding community members of one overlooked victim of lack of preparation: pets. A story from Today discussed how many families were forced to make tough choices about their pet, partiularly when they had to evacuate or seek other shelter that did not allow animals.

Of course, there were no easy answers, but in all cases it was a reminder of the need to have some preparations in place ahead of time so that beloved animals are taken care of no matter what the circumstances. While few expect severe weather patterns to disrupt the care of an animal, there are some events which we all must plan for: death and disability.

The article points to statistics from the American Society for the Prevention of Cruelty to Animals (ASPCA) that nearly 100,000 pets are forced into shelters each and every year as a result of guardians who pass away or become disabled without planning for their care. The future for those animals is unclear. Resources are incredibly tight, and so, depending on where the animal is taken, their long-term prospects are varied. It is truly a tragic sitaution that affects far too many pets that were devoted companions to their owners throughout their lives.

Common Pitfalls of Pet Bequeaths

Published on: August 22, 2011 | by Ettinger Law Firm

The most recent survey from the Humane Society found that there are at least 78.2 million owned dogs and 86.4 million owned cats in the United States. The data indicated that nearly 40% of all American households own a dog while roughly 33% own cats. Pet ownership rates are near the highest ever reported. In addition, many owners go to unprecedented lengths to integrate their animals into their families, from including them in annual Christmas card photos to ensuring they have a spot in all family vacations.

Considering the close bond so many families have with their animal friends, it is only natural that they would want to provide for them in an estate plan. Our New York estate planning attorneys know that in our area pet trusts are no longer only for the rich, famous, or eccentric. Recent research has shown that somewhere between 12 and 27 percent of pet owners provide some provisions for their animals in their wills. Many families have visited our office and expressed a wish to take legal steps to ensure that their beloved pet will have the resources they need for as long as they need them in the future. In fact, we have set up a relationship with providers of these services at www.PetEstates.com to help clients gain the peace of mind of knowing that their animal will be protected after they are gone.

It is vital to have professional help with these matters, because haphazard planning could risk leaving your pet without any support. A recent Reuters article took a look at these common pet trust pitfalls. Many large, high-profile pet trusts have been severely curtailed by judges. Ensuring that the trust includes only a reasonable amount necessary to account for the animal’s well-being is important. Many problems can also be avoided if the trust names a caretaker who is willing to comply scrupulously with the terms of the trust. On top of that, if a trust names a final resting place for the pet it is important to check that the location will accept the animal. Most pets cannot be buried in mausoleums for humans in the United States.