new york pet trusts

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

In recent decades, “pet trusts” have grown in popularity as a way for residents to include their beloved animal companions in their estate plans. Our estate planning attorneys work with residents in this regard, setting aside appropriate assets to ensure pet dogs, cats, and other animals have funds available to pay for their well-being for the remainder of their lives. Considering that many New Yorkers consider their pets in similar terms as children, it is only natural to provide for them in Will and trust documents.

But there is now a move to take long-term animal planning to another level with the growth of pet hospice services.

Helping your Dog Pass on Gracefully

Articles Tagged with new york pet trusts

PLANNING FOR YOUR PETS IN YOUR ESTATE

Beyond Pet Trusts — The Rise of Pet Hospice Care