For many people, pets are far more than simply animals that live in the home. In fact, for countless people, a beloved dog, cat, bird, or other companion animal is viewed as a member of the family, which is why many people begin thinking about their pet’s future when creating an estate plan. After all, if something were to happen to you unexpectedly, you would want to know that your pet will continue receiving the love, care, and attention it deserves. Fortunately, there are several ways to account for your pets in an estate plan. Please continue reading to learn more about including pets in an estate plan and how an experienced Buffalo estate planning lawyer from Raimondo & Sundquist LLP can assist you throughout the process. Here are some of the questions you may have:

Can I Leave My Pet an Inheritance in New York?

Many people are surprised to learn that while they can absolutely make arrangements for their pets through estate planning, they cannot leave money or property directly to a pet.

Simply put, under New York law, pets are considered property. This means that a pet cannot legally inherit assets in the same way a spouse, child, family member, or friend can. That being said, this does not mean that you cannot provide for your pet financially after your passing. In many cases, pet owners choose to do one or more of the following:

  • Name a trusted individual to take ownership of the pet.
  • Leave money to a caregiver with instructions regarding the pet’s care.
  • Establish a pet trust.
  • Provide written instructions concerning the pet’s medical needs, daily routines, dietary requirements, and other important information.

The more detailed your plan is, the more likely it is that your wishes regarding your pet will be carried out exactly as intended.

You should also note that choosing the right caregiver is often just as important as setting aside funds. While a family member or close friend may seem like the obvious choice, it is always a good idea to discuss the responsibility with that person beforehand to ensure he or she is willing and able to care for your pet in the future.

What Is a Pet Trust and How Does It Work?

In many cases, a pet trust is one of the most effective tools available to pet owners who wish to ensure their animals are properly cared for after they pass away.

A pet trust is a legally enforceable arrangement that allows assets to be set aside specifically for the care of a pet. Unlike simply leaving money to another person and hoping it is used appropriately, a pet trust provides a much greater level of oversight and protection. A pet trust will generally include the following elements:

  • The pets covered by the trust.
  • The person responsible for caring for the pet.
  • The trustee who will manage the funds.
  • Instructions regarding veterinary treatment and medical care.
  • Directions concerning food, grooming, exercise, and living arrangements.
  • Instructions regarding any remaining funds after the pet passes away.

What Should I Consider Before Including My Pet in My Estate Plan?

While many people focus primarily on naming a caregiver, there are several additional factors that should be considered as well. Some of the most important considerations are as follows.

Choosing a Caregiver

  • Selecting someone who is trustworthy and responsible.
  • Naming one or more alternate caregivers.
  • Discussing the arrangement in advance.

Planning for Future Expenses

  • Food and supplies.
  • Veterinary treatment.
  • Medications.
  • Grooming expenses.
  • Boarding and pet-sitting costs.

Providing Detailed Care Instructions

You may wish to include information regarding your pet’s personality, habits, favorite activities, medical history, behavioral concerns, preferred veterinarian, and daily routine. Though these details may seem minor today, they can make a significant difference for both the caregiver and the pet in the future.

The reality is that none of us can predict exactly what tomorrow will bring, but by including your pets in your estate plan, you can have peace of mind, knowing they’ll be well taken care of, should anything happen to you. If you have additional questions or would like to speak with a seasoned estate planning lawyer, please don’t hesitate to contact Raimondo & Sundquist LLP for an initial consultation today.