Under the laws of the states of Vermont and New York where we have offices, animals cannot own property. As a result, you cannot bequeath assets of any kind to your pet in a will.
Yes, you can leave your pet to an inheritor if you create a last will. This being stated, you should be aware of the fact that it is possible for someone to refuse an inheritance. For this reason, you should be sure that the person that you have in mind is ready, willing, and able to care for the pet.
The answer is yes, with an asterisk. You can leave someone money along with instructions to use the money to care for the pet. However, once the caretaker receives the inheritance, these instructions would not be legally enforceable.
Yes, it is possible to establish a pet trust for the benefit of your fine furry friend.
You convey funds into the trust, and you name a person or an entity like a trust company or bank to act as the trustee. When you are establishing the trust, you would leave behind instructions with regard to the way that you want the pet to be cared for after you are gone.
The trustee would be legally compelled to follow your instructions as they are stated in the trust declaration. It should be noted that the trustee could be the person that actually cares for the pet on a day-to-day basis, but this is not necessary.
This is another area that is covered when you establish a pet trust. In the trust document, you would name a successor beneficiary that would assume ownership of any assets that remain in the trust after the passing of the animal.
We have prepared an in-depth special report that you can access to gain additional information about pet trusts. It is being offered free of charge, and it is contained within a library of other special reports that you can access as well. You can see all the titles if you visit our special reports page.
Schedule a Consultation!
You can get all the information that you need to make informed decisions on this website, but at some point, direct action is required. Our firm would be more than glad to gain an understanding of your overall estate planning objectives and explain your options to you.
If you decide to go forward, we will help you create a custom crafted estate plan that is ideal for you, your family, and your pet or pets. We can be reached by phone at 802-879-7133 in Vermont, and our number in New York is 518-389-6020. There is also a contact form on this website that you can use to send us a message.