Monday, February 14, 2011
Koldin on Pet Trusts
New York State enacted legislation which permits you to provide for your pets after your death. Under this law, you can set aside funds to be held in a Trust to maintain the health, welfare and comfort of your pets.
Under this Pet Trust law, you decide the amount of funds you want to set aside and designate someone (Trustee) to manage the funds and provide for your pets pursuant to the requirements you set forth in the Trust. The Trustee cannot use the funds for any purpose other than to care for your pets.
The Trust must end on the earlier of the death of your pets or within twenty-one years after the date of your death. You designate under the terms of the Trust who inherits the remaining balance of your Pet Trust at the time of termination.
A Pet Trust can be written as part of your Last Will and Testament or as part of the beneficiary provisions of your own Revocable or Irrevocable Living Trust.
Thank you to the Koldin Law Firm in Kirkville New York for this information
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