Pet Trusts: Caring For Fluffy And Fido After You’re Gone

1:00 – 1:05 p.m.

Welcome and Introduction

1:05 – 1:30 p.m.

DEFINING THE PROBLEM

• Americans’ relationship to their pets

• We’re their families (mommies and daddies)

• Members of the family, not livestock

• They give us love and emotional well-being

• Pets’ legal categorization as personal property -- and that’s really where the problem is and its implications 

WILLS

• How Wills work

• The probate process

• The problem of probate, will contests, delay, and enforceable provisions

• Famous Wills vs. The practical concerns of regular folks ($4 million vs. Making sure pet is fed)

• Attempts to use conditional bequests

• Problems with conditional bequests

• The rule against perpetuities – Pet lifespans at odds with traditional 21yr period

• Problems with enforcement 

(0.5 in areas of professional practice)

1:30– 1:55 p.m.

TRUSTS

• How Trusts work

• Problems with traditional Trusts

• Can pets be beneficiaries of Trusts? traditional answer no since they are personal property, they can’t be beneficiaries of Trust

• The rule against perpetuities – Pet lifespans at odds with traditional 21yr period

• Problems with enforcement 

PET TRUSTS TO THE RESCUE! 

• What is a Pet Trust?

• All 50 states and DC have enacted pet trust laws

• Look at samples from other states

• NY Pet Trust: EPTL 7-8.1

• 6 Points to Note about NY’s pet statute

• What is a Pet? -- what is included and what is not? Bill introduced to include Race Horses vs Pet Horses did not pass

(0.5 in areas of professional practice)

1:55 – 2:20 p.m.

OTHER OPTIONS

• Pet Retirement homes

• Pet organizations like ASPCA etc. 

REVIEW SAMPLE PET TRUST

REVIEW SAMPLE PET POWER OF ATTORNEY

(0.5 in areas of professional practice)

2:20 – 2:30 p.m.

Q&A

Speaker:

Jim D. Sarlis, Esq.

The Law Office of Jim D. Sarlis, Esq.

Rosedale, NY