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Pet trust

From Wikipedia, the free encyclopedia

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.

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

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The development of pet trusts is part of the animal rights movement.[3]

United States

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All U.S. states have passed laws that allow some form of pet trust.[4] 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

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References

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  1. ^ "Pet Trust Primer". ASPCA. Retrieved 30 June 2017.
  2. ^ 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.
  3. ^ Favre, David (19 October 2004). "Integrating Animal Interests into Our Legal System" (PDF). Animal Law Review. 10: 87–97. Retrieved 30 June 2017.
  4. ^ "Pet Trust Laws". ASPCA. Retrieved 30 June 2017.
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