In the event of their death, many people wish to provide for the adequate care and feeding of their beloved dog, cat, bird or other pet. Here is an abridged version of New York’s statute authorizing a trust for your pet;
- The intended use of the principal or income, of a trust for the care of a designated domestic or pet animal, may be enforced by an individual designated for that purpose in the trust instrument. Such trust shall terminate when no living animal is covered by the trust.
- No portion of the principal or income may be converted to the use of the trustee or to any use other than for the benefit of a covered animal.
- Upon termination, the trustee shall transfer the unexpended trust property as directed in the trust instrument or, if there are no such directions in the trust instrument, the property shall pass to the estate of the grantor.
- A court may reduce the amount of property transferred if it determines that amount substantially exceeds the amount required for the intended use. The amount of the reduction, if any, passes as unexpended trust property pursuant to paragraph (c), above.
- If no trustee is designated or no designated trustee is willing or able to serve, a court shall appoint a trustee and may make such other orders and determinations as are advisable to carry out the intent of the grantor and the purpose of this section.
If you are interested in setting up a trust for your beloved pet, please make an appointment to see us for a free consultation. Should you have no one to take care of your pet, try PetEstates.com, who will perform this service for you.