Farms and pets go hand-in-hand. There are three vehicles that can be used to protect your pets (including horses) after you die: 1) Last Will and Testament, 2) Pet Trusts, and 3) Pet Protection Agreement.
Last Will and Testament: In New York, pets are considered personal property like a car or a diamond ring. It should be noted that wills are not enforced immediately; sometimes it can take years to go through the probate process. Unlike vehicles, jewelry, or monies, pets are living creatures that need to be cared for during the period before a will goes into effect. A will does not distribute funds over a lifetime of a pet like a Pet Trust or Pet Protection Agreement.
Pet Trusts: The great thing about pet trusts is that they can be enforceable during the pet owner’s life, after his/her death, or help fill in the “gap” while a will is going through the probate process. Both pet trusts and pet disbursement agreements control funds used for the pet’s care and can ensure that the pet is properly cared for if the owner become incapacitated.
Pet Protection Agreements: This is a simple legal document where the pet owner and pet guardian open a small joint bank account. The pet owner would be able to draw from this joint account during his/her life to care for the pet.
This is an excerpt from my book that I co-authored with Pat Dillon, an Iowa food and agriculture lawyer and author of this Iowa agriculture law book. You can purchase a copy of the book “Field Guide: Legal Guide for New York Farmers and Food Entrepreneurs” on Amazon.com. A new (more user-friendly) Kindle version of my book has been recently uploaded (only $9.99 or $2.99, if you own the hard copy of the book).