New law allows trusts for care of pets
A new law, scheduled to take effect on January 1, 2005, validates trusts for the care of one or more designated domestic or pet animals and provides that such a trust instrument is to be construed liberally to carry out the intent of the transferor.
The amendment to the Trusts and Trustees Act, which has already been signed by the Governor, states that the trust for pets will terminate when no living animal remains covered by it. The trustee then must transfer the unexpended property as directed in the instrument, or under a residuary clause in a transferor's will, or otherwise as determined by the Probate Act.
No portion of the principal or income may be converted for any use other than the purposes for which the legacy is intended. If no trustee is named, or if a designated trustee is unable or unwilling to serve, the court may appoint one. The court also may reduce the amount of the property transferred if it substantially exceeds the amount deemed necessary for the required use.
These trusts are exempt from the common rule against perpetuities, suggesting that geriatric turtles, parrots and goldfish need not fear the inevitability of exceeding the 21-year vesting period.
Note: This information was prepared as a public service by the Illinois State Bar Association and is a joint project with the Illinois Press Association. Its purpose is to inform citizens of their legal rights and obligations.
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