Pet Trusts Are Available In Iowa
We recently received a phone message from an unidentified caller that asked about the availability of a Pet Trust for the state of Iowa.
Since 2000, Iowa has had a Statutory Trust available for use by pet owners.
The Iowa Code provides as follows:
633A.2105 Honorary trusts — trusts for pets.
1. A trust for a lawful noncharitable purpose for which there is no definite or definitely ascertainable beneficiary is valid but may be performed by the trustee for only twenty–one years, whether or not the terms of the trust contemplate a longer duration.
2. A trust for the care of an animal living at the settlor’s death is valid. The trust terminates when no living animal is covered by its terms.
3. A portion of the property of a trust authorized by this section shall not be converted to any use other than its intended use unless the terms of the trust so provide or the court determines that the value of the trust property substantially exceeds the amount required.
4. The intended use of a trust authorized by this section may be enforced by a person designated for that purpose in the terms of the trust or, if none, by a person appointed by the court.
The law is fairly simple and straight forward.
Contact you professional team for more assistance.
Hawkeyes have tools at their disposal for estate planning for their pets.
Put them to use…
http://www.pettrustlawblog.com/admin/trackback/79603
