Estate Planning for Your PetsSaturday, November 18th, 2017, 9:17 pm
When we start to make our estate plans, we often think about how we can take care of our children, parents, or other family members if we pass away. However, for many people, pets are just as much a part of the family as any other member. This means many of us want to include our animals in our estate plans.
Creating an estate plan for your pets ensures they end up in the right hands if something should happen to you. Let's take a look at how you can make proper arrangements for your pets care and safety.
Pets and Your Estate Plan
While you may view your pets as family, the state of New York sees them as property. This means that within your will, you need to describe what you would like to happen to them in the event of your passing just as you would with another asset or item.
Within your will, you want to be specific about who your pet will go to after you pass, especially if you have a rare or difficult to care for animal. If there are specific guidelines this individual must follow to properly take care of your pet, make sure they are outlined within your will.
You are also able to establish a trust for your pet. The money within this trust will be given to the individual responsible for caring for your animal to help them cover associated costs. A trust can be especially important if you have an exotic or difficult to care for animal.
The trust can also be used during times when you're unable to care for your pet, such as an illness or hospitalization. Setting up this trust can give someone the funds to care for your pet during this difficult time.
If you're interested in learning more about how to include your pet in your estate plan, contact the estate planning team at Michael F. Kanzer & Associates. Our Brooklyn Estate Planning attorneys can help you ensure your property, assets, and loved ones are well taken care of after you're gone.