Walk on the Wild Side – Pet Trusts

Holland & Hart - Fiduciary Law Blog
Contact

Holland & Hart - Fiduciary Law Blog

Anyone who has a pet knows that they are more than just companions, they are members of your family. Often, when people make decisions about their estate plans, they want to take these furry members of their family into consideration – you may remember that Leona Helmsley famously left $12 million to her dog, Trouble. Amount aside, the general concept of pet trusts might be something to consider.

Creating a trust for your pet is not only prudent from a planning perspective, as it provides the person who will be taking care of your furry friend in the future the assets they need to do so, but also comforting to the owner in that they have taken all their loved ones into account in their plan.

In Colorado, pet trusts are specifically authorized under C.R.S. § 15-11-901.  Under this provision, the named trustee must only use the principal and income from the trust “for the trust’s purposes or for the benefit of a covered animal or animals.” C.R.S. § 15-11-901(3)(a).  Upon termination of the trust (generally when the covered pet passes away), the trustee must transfer the remaining trust assets in the following order:  1. As directed by the trust, 2. If not directed by the trust, then under the residuary clause in the transferor’s will (if the trust was created in a non-residuary clause or in a codicil), and 3. If neither option 1 nor 2 apply, then to the transferor’s heirs pursuant to part 5 of the code. C.R.S. § 15-11-901(3)(b).

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Holland & Hart - Fiduciary Law Blog | Attorney Advertising

Written by:

Holland & Hart - Fiduciary Law Blog
Contact
more
less

Holland & Hart - Fiduciary Law Blog on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.