Setting Up a Trust for Your Pet

Robert Shaw - Setting Up a Trust for Your PetMost people feel that their pets are members of their family. Historically, pets have been treated as personal property, but as the animal rights movement is becoming more active, the law is gradually changing.

In New York, trusts for pets have been legally recognized since 1996, and they are becoming more popular. In cases where a pet owner has no immediate family or no family living nearby, pet trusts can be particularly beneficial.

A pet trust can be set up either now, while the owner is alive, or by terms in the owner’s last will and testament, which means that the trust won’t take effect until the owner dies. A power of attorney should require that the appointed agent will have the authority to administer a fund or trust that is set aside for a pet. That agent will take all action necessary to care for the pet, including food, shelter, and veterinary services. The agent will also have authority to arrange for custody of the pet (e.g., who will be the pet’s new owner?).

People who are planning a trust for their pet should carefully choose the person who will take care of their pet when they are no longer able to provide the necessary care. That person is likely to be the trustee of the pet trust, but it doesn’t have to be the trustee. The pet owner can name a third party to actually take care of their pet, while the trustee administers the money for the pet’s care.

It is important to have conversations with the person whom you want to administer your pet trust. That way, you know in advance whether they’re actually going to be the one caring for the pet or if they’re going to ensure the placement of the pet with a loving family.

When the pet dies, the remaining trust funds can go to an animal charity or to the trustee of the trust. If the owner has any concerns about the trustee misusing the funds or benefiting from the pet’s death, they could state that the money will go to various animal charities when the animal passes away.

If you have any questions or comments about setting up a trust for your pet, please contact me.

Robert Shaw

Robert W. Shaw, Esq.
(914) 328-1222

E-mail Bob

 

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Robert W. Shaw is licensed in New York.