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.
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