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 a designated caregiver(s) will is made on a regular basis.
Video Pet trust
History
The development of pet trusts is part of the animal rights movement.
Maps Pet trust
United States
As of 2015, all U.S. states except Minnesota 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.
See also
- Rachel Hirschfeld
References
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.
Source of article : Wikipedia
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