Laws Governing Trusts in Louisiana Became Animal-Friendly This Year
Laws Governing Trusts in Louisiana Became Animal-Friendly This Year
- Author Mark D. Mese
The Louisiana Legislature added a new chapter to our Trust Code in 2015 entitled: “Trust for the Care and Benefit of an Animal” (click here). The statute is new and is modeled on similar provisions in the Uniform Trust Code and the Uniform Probate Code.
Under the new law, a person may designate a caregiver to one or more animals, and a trustee of the trust for an animal or animals. The statute also allows for reasonable compensation to be provided for the trustee and for the animal caregiver.
If a court determines that the amount of property held by the trust substantially exceeds the needs of the animals covered by the trust, a court may reduce the amount of property held by the trust and allow the property to be distributed to the designated person or entity named as beneficiary.
The trust terminates with the death of the last animal covered by the trust. Upon termination of the trust, the remaining property is distributed to a designated person or entity named as beneficiary.
