Estate planning involves attending to a number of details if you want to be comprehensively prepared for any and all eventualities. Some of them are quite obvious, and others could potentially fall through the cracks. With this in mind you should consider what will become of your pets if you were to pass away before they do.

Younger people may assume that they will outlive their pets, but you should remember the fact that estate planning can be precautionary in nature. The average lifespan is over 78 years, so the odds would say that you will live into your senior years. But if you are truly responsible you will make sure that your family is provided for even when you are a relatively young adult because there are no guarantees.

It is useful to view pet planning in the same way. Though you probably won’t predecease your pets, it is better to be safe than sorry and making plans for them in advance will provide you with a certain modicum of peace of mind.

There are a couple of famous American female television personalities who have certainly taken the above advice to heart. Oprah Winfrey has multiple dogs, and she has reportedly placed $30 million into a trust fund for their care. The popular actress Betty White has set aside $5 million for her best friend for life Pontiac, a golden retriever.

While you may not be interested in making your dog a millionaire, it is important to provide for your pet sensibly. If you would like to do just that, the first step is to sit down and discuss pet planning with a licensed and experienced Long Island estate planning lawyer.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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She left a million to Conchita, her Chihuahua. Of course the dog won’t actually see any of the money; her Will leaves those funds for caretakers to use to take care of the dog. Even so – Conchita is one wealthy dog. (By the way – her son is suing the estate, in part because his inheritance was $1 million.)

Most states, including New York, allow people to provide for their pets in their estate plans. The estate planning tool used is called a Pet Trust. Simply fund the Trust and appoint a trustee and caretaker, and your pet will be cared for after you pass away.

You can and should include provisions in your Pet Trust regarding the use of that Trust. For example, you may specify the Trust can only be used to pay for the proper care, support, and maintenance of the pet. You can appoint a caretaker and a trustee, especially if you want someone to monitor the use of the Trust and the care of your pet. (Many people appoint one person to handle both duties, but some divide the duties.)

When your pet passes away, any remaining money in the Trust can be allocated according to your wishes.

Keep in mind you can set up a Pet Trust after your death, based on provisions in a Revocable Trust.

We can help you plan for all your loved ones – even your pets. Call us to make sure your estate plan provides for and protects everyone you love.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

Visit my website for full links, other content and more!