Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Trusts for pets
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 8
§ 7-8.1 Trusts for pets

(a) A trust for the care of a designated domestic or pet animal is
valid. The intended use of the principal or income may be enforced by an
individual designated for that purpose in the trust instrument or, if
none, by an individual appointed by a court upon application to it by an
individual, or by a trustee. Such trust shall terminate when the living
animal beneficiary or beneficiaries of such trust are no longer alive.

(b) Except as expressly provided otherwise in the trust instrument, no
portion of the principal or income may be converted to the use of the
trustee or to any use other than for the benefit of all covered animals.

(c) Upon termination, the trustee shall transfer the unexpended trust
property as directed in the trust instrument or, if there are no such
directions in the trust instrument, the property shall pass to the
estate of the grantor.

(d) A court may reduce the amount of the property transferred if it
determines that amount substantially exceeds the amount required for the
intended use. The amount of the reduction, if any, passes as unexpended
trust property pursuant to paragraph (c) of this section.

(e) If no trustee is designated or no designated trustee is willing or
able to serve, a court shall appoint a trustee and may make such other
orders and determinations as are advisable to carry out the intent of
the transferor and the purpose of this section.