New York Improves Pet Trust Laws
In 1996, the New York legislature enacted a law to allow for the creation of trusts for pets.
However, that statute had a twenty-five year limitation for the duration of the trust.
Governor David A Patterson recently signed a new amendment to the older legislation.
New York has now joined the majority of states that recognize the longer time duration for the pet trust and conforms to the Uniform Trust and Probate Codes.
The trust may now last for the entire lifetime of the pet, without a yearly limitation.
In addition, the statute is titled "Trusts for Pets" instead of "Honorary Trusts for Pets", as honorary means unenforceable and pet trusts are presently enforceable under subparagraph (a) of the statute.
State pet trust legislation continue to evolve.
Oklahoma Is The Newest State To Allow Statutory Pet Trust
Oklahoma has become the latest state to allow for a statutory pet trust.
Governor Brad Henry recently signed House Bill1641 into law.
The law creates a new section of law that validates trusts for the care of designated pets. Unless the trust stipulates, the trust is terminated when no living animal is covered. The bill outlines the rules governing such trusts, including compensation for the trustee, accounting requirements and provisions for terminating the trust.
The measure describes how trusts for pets works, and how the issue is resolved if there is no living pets. It provides for trustee compensation and the naming of such if no trustee is designated. Any trust that does not have a value of $20,000 or more is exempt from fees, except as directed by a court or the trust instrument.
The law becomes effective in approximately three months.
Good job by the Oklahoma legislature to get on board with a majority of the states that recognize pet trusts.
