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.

History[edit]

The development of pet trusts is part of the animal rights movement.[citation needed]

See also[edit]

References[edit]

  1. ^ Bressant-Kibwe, Kim (2001). "Legal Information: Pet Trust Primer". ASPCA. Archived from the original on 2003-10-08.  (Archived url).
  2. ^ Manning, Sue (June 22, 2011). "Pet estate planning: Not just for Leona Helmsley anymore". Associated Press on MSNBC.com. Retrieved 8 August 2011. 

External links[edit]