Fratello & Fox, P.C.

516.496.0730

ATTORNEYS AT LAW

             What would happen to your pets if you were no longer able to care for them?  Who will care for them and who will finance their care?

 

             In New York State, you cannot make a pet a beneficiary in a will because a pet is considered property.  However, you can provide for a pet via a “pet trust”.  You can create the trust during your life or you can incorporate it into a will.  A trust included in a will, known as a testamentary trust, only becomes effective upon the death of the testator (the individual who created the will). 

 

             A pet trust is a contractual agreement between the grantor and trustee.  It finances and provides for the care and maintenance of one or more pets.  A pet trust can be specific and may list potential caregivers, pet habits, veterinarians, relevant medical history, etc.

 

             Under New York State Estates, Powers and Trusts Law, a pet trust must terminate when no living animal is covered by the trust (all of the animals have died) or at the end of 21 years, whichever occurs first.  This is not an issue with animals that have life spans typically less than 21 years; however, the law does present a problem where the subject animal has a life expectancy greater than 21 years, as is the case with horses and some parrots.

 

             A remainder beneficiary may also be named, in the event that, upon the termination of the pet trust, there still remain assets in the trust. 

 

Dated: 9/2006

Pet trusts

The information in this website is intended for information only and does not represent legal advice.  Receipt of materials from this website does not constitute an attorney-client relationship between Fratello & Fox, P.C. and the receiver.  Professional counsel should be sought before utilizing any information contained in this website.