NJ Legislation Allows Trust Funds To Care For Pets

New Jersey has legislation that allows trust funds to care for a pet. Assembly, No. 1152
recognizes validity of trust funds for pets. The text states:

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. a. A trust for the care of a domesticated animal is valid. The
intended use of the principal or income may be enforced by a person
designated for that purpose in the trust instrument, a person
appointed by the court, or a trustee. The trust shall terminate when
no living animal is covered by the trust, or at the end of 21 years,
whichever occurs earlier.
b. Except as expressly provided otherwise in the trust instrument, no
portion of the trust's principal or income may be converted to the
use of the trustee or to any use other than for the benefit of the
animal designated in the trust.
c. Upon termination of the trust, the trustee shall transfer the
unexpended trust property as directed in the trust instrument. If no
directions for such transfer exist, the property shall pass to the
estate of the creator of the trust.
d. The court may reduce the amount of the property transferred if it
determines that the amount substantially exceeds the amount required
for the intended use. The amount of any reduction shall be
transferred as directed in the trust instrument or, if no such
directions are contained in the trust instrument, to the estate of
the creator of the trust.
e. If no trustee is designated or if 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 creator of the trust and the purpose of this act.

2. This act shall take effect immediately.

Posted on SHARE Yahoo group Oct 7, 2001