Delaware Passes New Pet Trust Legislation
In May of this year, I wrote here that Delaware had no statutory Pet Trust, but that there were other options available for estate planning for pet owners, including the traditional pet trust
Now, Delaware has joined the ever growing list of states with a Statutory Pet Trust.
Professor Gerry W. Beyer is a faculty member of the Texas Tech University School of Law. Professor Beyer summarized the new legislation as follows:
o A trust for the care of one or more specific animals living at the settlor’s death is valid.
o The trust ends upon the death of all animals living at the settlor’s death which are benefit by the trust.
o The settlor may name a trust enforcer.
o If the settlor did not name an enforcer (or if the named enforcer is unwilling or unable to serve), the Court of Chancery may appoint an enforcer.
o A person with an interest in the animals may petition for the appointment or removal of an enforcer. This interest cannot be merely a general public interest; the petitioner must have an actual interest in the specific animals covered by the trust.
o Trust property may be used only for its intended use.
o When the trust ends, any remaining property passes according to the terms of the trust.
o The settlor (or other owner of the benefited animal) may transfer ownership of the animal to the trustee upon trust creation or thereafter.
o If the intended owner disclaims, the trustee becomes the owner unless the trust provides otherwise.
o The trustee must provide the animal with the care the settlor directs in the trust or, if the settlor did not provide instructions, the care that is reasonable under the circumstances.
o The trustee may employ agents to provide care to the animal and pay for the care from the trust property.
o The term “animal” is broadly defined to be “any nonhuman member of the animal kingdom.”
Interestingly the statute also states that "Plants and inanimate objects are not included. "
The entire statute can be found here.
Pet owners in Delaware now have more options than ever to plan for the future care and well being of their pets.
Use the tools that are available to you.
