Pet Trust (NY)
A pet trust is a special type of trust that you can set up for the care and maintenance of your pets after you pass away. You may transfer money and other property to the trust either during your life or upon your death via your will. Any money or other property held in the trust will be used for the benefit of your pets after you pass away.
There are up to three people involved in the administration of this trust, the Caregiver, the Trustee, and the Monitor/Trust Protector.
The "Caregiver" is the person you appoint to actually take care of your pets, including providing food and shelter. This person may be anyone you trust to provide a loving home. This person may be the same as your Trustee.The "Trustee" is the person you appoint to handle the money you have set aside for the pets. The Trustee will make payments to the Caregiver for any expenses the Caregiver has for taking care of your pets. You may also have the Trustee to distribute a certain amount of money every month to compensate the Caregiver (this is optional).
The "Monitor," also called the "Trust Protector" in some states, is someone you name to make sure the Caregiver and Trustee are acting appropriately and in the best interests of your pets. This should not be the same person as your Caregiver and/or Trustee. Often, people name their veterinarian as Monitor/Trust Protector. If they ever find that the Caregiver or Trustee are not acting in your pet's best interests, they can remove and replace the Caregiver or Trustee. They can't, however, appoint themself as Caregiver or Trustee. This is to prevent conflicts of interest. (In most states appointing a Monitor/Trust Protector is optional, but some states require it and this will be reflected in the questionnaire.)
During your lifetime, you will serve as Caregiver and Trustee. As such, there will be no change in your authority to take care of your pets once this trust is established. Upon your disability or death, the people you appoint in this form to fill these roles will take over for you. You are able to appoint whomever you wish to fill these roles once you are no longer able.