New York Statute Provides That a Trust for a Pet is Valid

New York Statute Provides That a Trust for a Pet is Valid from The Law Office of Laurieanne DeLitta, PLLC

By: The Law Office of Laurieanne DeLitta, PLLC  07/21/2014
Keywords: Attorney, NY State, Pet Trust, The New York Estates Powers and Trusts Law 7-8.1, care and maintenance of your

Clients often ask us how they can provide for and protect their pets if they should pass away. New York State permits you to set up a trust for the care and maintenance of your pet. The New York Estates Powers and Trusts Law 7-8.1, provides that a trust for the care of designated domestic or pet animal is valid. The trust must terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive. Upon, termination, the trustee is required to transfer the unexpended trust property as directed in the trust instrument or, if there are no such directions in the trust instrument, the property passes back to the estate of the grantor. The court has the discretion and power to reduce the amount of the trust if it thinks that amount substantially exceeds the amount required for the care and maintenance of the animal.

Keywords: Attorney, NY State, Pet Trust, The New York Estates Powers and Trusts Law 7-8.1, care and maintenance of your

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