Pet trust
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A pet trust is a legal arrangement to provide care for a pet after its owner dies.[1] [2] A pet trust falls under trust law and is one option for pet owners. Options include honorary trusts, provisions in a will and traditional legal trusts.
Pet trusts stipulate that in the event of a grantor’s disability or death a trustee will hold property (cash, for example) “in trust” for the benefit of the grantor’s pets. The “grantor” (also called a settlor or trustor in some states) is the person who creates the trust, which may take effect during a person’s lifetime or at death. Payments to a designated caregiver(s) will is made on a regular basis.
Depending upon the state law, trusts usually continue for the life of the pet or 21 years, whichever occurs first. Some states allow a pet trust to continue for the life of the pet, without regard to a maximum duration of 21 years. This is particularly advantageous for companion animals who have longer life expectancies than cats and dogs, such as horses and parrots.
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[edit] History
The development of pet trusts is part of the animal rights movement.[citation needed]
[edit] See also
[edit] References
- ^ Bressant-Kibwe, Kim (2001). "Legal Information: Pet Trust Primer". ASPCA. Archived from the original on 2003-10-08. http://web.archive.org/web/20031008202741/http://www.aspca.org/site/PageServer?pagename=pettrusts. (Archived url).
- ^ Manning, Sue (June 22, 2011). "Pet estate planning: Not just for Leona Helmsley anymore". Associated Press on MSNBC.com. http://today.msnbc.msn.com/id/43503433/ns/today-today_pets_and_animals/#.Tj-MMWNAJ64. Retrieved 8 August 2011.
[edit] External links
- Providing for your pet's future on Littlebuddies.org
- "Providing for your pet". New York City Bar
- Mott, Maryann (22 May 2005). "And to My Dog, I Leave a $10,000 Trust Fund". The New York Times. http://www.nytimes.com/2005/05/22/business/yourmoney/22pettrust.html?ei=5090&en=408a99187ac97948&ex=1274414400&partner=rssuserland&emc=rss&pagewanted=all. Retrieved 8 December 2008.
- Willing, Richard (15 August 2002). "Animal owners set up trust funds for their pets". USA Today. http://www.usatoday.com/news/nation/2002-08-15-pettrust_x.htm. Retrieved 8 December 2008.
