2013 New York Consolidated Laws
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 8 - (7-8.1) HONORARY TRUSTS FOR PETS
7-8.1 - Trusts for pets


NY Est Pow & Trusts L § 7-8.1 (2012) What's This?
 
    § 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.

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