Wills, Trusts, Probate and Estate Planning
News and views on the latest issues and developments in law
Pet Trusts in Georgia
Excessive pet trusts often make the news. Leona Helmsley is just the most recent example. In August the estate plan of the multi-billionaire who made her money in real estate and the hospitality industry made the news. She left $12 Million dollars in a pet trust for Trouble, her Maltese. To make her story even more sensational she disinherited two of her grand-children in favor of her dog. Despite the excessive nature of the pet trust created by Ms. Helmsley, pet trusts are becoming quite common. Pet trusts are provided for under New York state law where Ms. Helmsley resided. However, not only New York, but also many other states have tuned in to the zeitgeist regarding pets as family members to be provided for after death. In all, 39 states and the District of Columbia have followed either the suggested structure put forth in the Uniform Probate Code or the suggested language of the Uniform Trust Code for their pet trust provisions. Georgia is not one of the states that has provided for pet trusts. That may be about to change. A proposed overhaul of the Georgia Trust Code is scheduled to be unveiled during the next legislative session of the Georgia General Assembly which will begin in January '08. This new trust code is supposed to have a pet trust provision among other things. This would put Georgia in a more progressive position and more in line with modern trends and beliefs about pets. Without it Georgians may not create a legally enforceable trust for their pets. Attempts to create a pet trust under current Georgia law are easily defeated since no one has legal standing to bring suit to enforce such a trust. The proposed pet trust provision for the Georgia Trust Code is reported to address some of the legitimate concerns associated with pet trusts such as who may enforce it and what to do about excessively funded pet trusts. Many Georgians would surely be in favor of a pet trust provision since there are so many pet lovers in Georgia and because the provision would be largely cost-neutral. However, pet lovers in Georgia should prepare themselves for the very real possibility that the '08 legislative session may come and go without passage of the pet trust. The pet trust provision is only a small part of a much larger package that is rumored to contain some potentially contentious proposals. the baby may get thrown out with the bath. Georgia pet lovers stay tuned.



2007-10-03 19:57:11 GMT
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