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Pet trust

A pet trust is a legal arrangement to provide care for a pet after its owner dies. 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.

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 regularly.

History

The development of pet trusts is part of the animal rights movement.

United States

All U.S. states have passed laws that allow some form of pet trust. 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.

References

References

  1. "Pet Trust Primer".
  2. Manning, Sue. (June 22, 2011). "Pet estate planning: Not just for Leona Helmsley anymore". [[Associated Press]] on [[MSNBC.com]].
  3. (19 October 2004). "Integrating Animal Interests into Our Legal System". Animal Law Review.
  4. "Pet Trust Laws".
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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