Pet Trusts – New York Estate Planning & Elder Law blog — February 21, 2025
Bob, Laura and their beloved pets, Samson the dog and Delilah the cat were ready to proceed with their estate planning to avoid probate and save estate taxes. The only problem was who would care for their beloved pets Samson, the puppy, and Delilah the cat after Bob and Laura died. You can create a pet trust either in a trust or will. A trust is a document that is private and does not usually go to court. If you create a trust for your pet, it will be a private matter. A will, once submitted to court, is a public document and the court oversees the directions in your will, including your pet trust provisions.
Bob and Laura created pet trusts in their own living trusts. After further searching and discussion, Bob and Laura chose Bob’s older brother, Rich, as the trustee or manager of the pet trusts. This means that Rich will oversee the money allocated for Sampson, Delilah, and keep a record of it. Rich will also act as the caretaker. The trustee and caretaker do not have to be the same person but often that is the arrangement.
According to their trusts, after Bob and Laura are both gone, they leave $10,000 for each of their surviving pets. The trust money will be used to “provide proper medical care, support and maintain” their pets until they die. Then, the remainder of the money, called the “trust balance,” is distributed according to Bob’s and Laura’s wishes.
Instead of leaving a specific amount of money, a technique developed by Ettinger Law Firm may be preferable. We suggest that a certain amount for the pet’s annual medical and feeding care be placed in trust, based upon the actuarial lifespan of the animal as determined by the local veterinarian. The amount required varies depending on the age and breed of the pet. Consider the trustee’s fee. It is also important to consider what a reasonable fee for the trustee might be.
