Friday, January 28, 2011

Estate Planning: Trusts for Your Pets

Massachusetts has become the 44th state to permit residents to create legally enforceable trusts to provide for their pets’ care in the event of the owner’s death or disability.

The new law, which goes into effect in April, allows pet owners to create and fund a trust for the care of their animals after their owners have died. The trust appoints a trustee, selected by the owner, to care for the pet and disburse trust funds accordingly. The trust remains valid until a date specified by the owner or until the animal dies. Trustees are specifically prohibited from using any of the funds for purposes other than the care of a pet.

You can read the full text of the law here: http://www.mass.gov/legis/bills/house/186/ht01pdf/ht01467.pdf



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