When you feel like you could use a friend in your life and you are a dog lover there is an ideal match waiting for you. As a senior citizen you may feel a sense of loneliness and recognize that you would indeed benefit from dog ownership.
If you are reluctant because you’re concerned about dying before the dog does you could assuage those concerns through the creation of a pet trust in Smithtown NY.
Yes, it is possible to create a pet trust for the benefit of a dog or other type of animal in most states, including New York.
Celebrities like Oprah Winfrey and Betty White have funded pet trusts with millions of dollars according to reports. Few of us are in this position, and some may feel as though this is excessive. However, you can fund a pet trust sensibly within your own budget and go forward with the peace of mind that comes along with knowing that your dog will be properly cared for if you do die first.
The trustee that you choose to administer the funds doesn’t necessarily have to be the dog’s caretaker. As a result you could have oversight in place with a responsible fiduciary making sure that the pet is being properly cared for in accordance with your wishes as stated in the trust agreement.
When you are drawing up this agreement you name a successor trustee, and this individual would inherit any funds left in the trust after the death of the dog.