Money Fix: Creating a trust for your pets

Those of us with no children who are putting off a will and related estate planning need look no further for inspiration than the adoring eyes of our four-legged friends. Yes, estate attorneys advise creating a pet trust for cats, dogs and other beloved critters. That's a legal way to plan for Spike or Snuffy's long-term care if you should die or become disabled.

And good news for those with reptiles or exotic birds: New York State lawmakers recently approved a bill eliminating the 21-year limit on such pet trusts, with a nod to those long-lived snakes and parrots.

People find "peace of mind" in spelling out their wishes, says Jennifer Cona, partner with the Genser Dubow Genser & Cona Llp estate planning and elder law firm in Melville. What to consider:

Guardian/trustee:This is the new caretaker, and you'll want to work this out with the person ahead of time, even naming one or two alternates in case your first choice is unwilling or unable to care for your little buddy. At the very least, says Cona, set aside a certain amount to reimburse foster care organizations for caring for your companion animal.

Instructions: Yes, you can stipulate your wishes as to diet, grooming, visits to the vet, even burial. Check out a list of instructions under "estate planning for pet owners" at Professorbeyer .com, the site of Gerry W. Beyer, a professor at Texas Tech University School of Law.

Remainder beneficiary: That's who gets the remainder of the trust once your animal moves on to the great beyond. Beyer advises against naming the caregiver as beneficiary, because then "the person has less of an incentive to keep your pet alive." It may be better to name a charitable organization, he says.