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 who want to provide for their pets after they pass away. Alternatives include honorary bequests made through a will and contractual arrangements with the caregiver.[3]
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 designated caregivers will be made on a regular basis.
History
The development of pet trusts is part of the animal rights movement.[4]
United States
All U.S. states have passed laws that allow some form of pet trust.[5] 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.
See also
References
- ^ "Pet Trust Primer". ASPCA. Retrieved 30 June 2017.
- ^ Manning, Sue (June 22, 2011). "Pet estate planning: Not just for Leona Helmsley anymore". Associated Press on MSNBC.com. Archived from the original on June 24, 2011. Retrieved 8 August 2011.
- ^ Larson, Aaron (20 September 2016). "What is a Pet Care Trust". ExpertLaw. Retrieved 30 June 2017.
- ^ Favre, David (19 October 2004). "Integrating Animal Interests into Our Legal System" (PDF). Animal Law Review. 10: 87–97. Retrieved 30 June 2017.
- ^ "Pet Trust Laws". ASPCA. Retrieved 30 June 2017.
External links
- "Providing For Your Pets In The Event of Your Death or Hospitalization". New York City Bar
- Mott, Maryann (22 May 2005). "And to My Dog, I Leave a $10,000 Trust Fund". The New York Times. Retrieved 8 December 2008.
- Willing, Richard (15 August 2002). "Animal owners set up trust funds for their pets". USA Today. Retrieved 8 December 2008.