New York Now Allows You to Leave a Gift to Your Best Friend

Until recently, a pet owner had few ways to take care of his pet after his death. His choices: Usually a variation on giving the pet to a friend, maybe with a cash gift, hoping that the friend would use the cash to care for the pet for its lifetime.  

The problem: New York did not recognize any legal obligation on the friend to care for the animal.  Once the estate was settled, perhaps a year or two after the testator’s death, there was no way to see to it that the cash was used for the pet’s care.

The solution: New York has passed a law permitting the creation of a trust for your pets.  Enforcement procedures are set up and a trustee is appointed to see to it that your best friend lives out its last years in comfort.  So, the next time you have your will reviewed, mention that you want details on the “Pet Trust” provisions now available.

A Pet Trust can be set up in your will or as a separate trust you create while you are alive.  You choose which charity will take care of your pet and, based on their guidelines, how much money you leave to it to take care of your friend.  

Setting up a Pet Trust is a valuable tool in fashioning a comprehensive estate plan for our clients.  If you choose us to work with you on your estate planning, we will cover this option with you.

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Copyright © 2007 STEPHEN C. SILVERBERG, PLLC  All rights reserved.
Last modified: December 27, 2007

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