New Mexico Pet Care Trust Law
New Mexico was one of the pioneer states to pass laws on pet trusts. In 1995, New Mexico made domestic pets and animals legal protected beneficiaries in a pet care trust. In New Mexico Statutes 45-2-907 and 46A-4-408:
- You may create a pet trust specifically for the care of one or more domestic pets or animals, as long as you designate which of your pets or animals are the beneficiaries of your pet trust, and as long as they are living when you pass away. While the first pet trust law said that no pet trusts may last longer than 21 years, the second law says they last as long as the designated pet(s) are alive.
- You may designate an individual to enforce the pet trust, or if you have not done so, a court may appoint one. The person appointed may ask for accountings of the money in the pet trust; otherwise no accountings are required unless ordered by a court. Anyone having an interest in the welfare of the animal(s) identified in the pet trust may ask that the court appoint them to enforce the pet trust.
- You may also designate a caregiver, or caregivers, for the designated animals, to provide day to day care for them, much like a guardian for minor children.
- The funds or property that you transfer into the pet trust may be used only for the benefit of the designated animals, including compensation to the caregiver and pet trust enforcer, i.e. for the intended use of the pet trust.
- The pet trust does not terminate until the last animal or other individuals named in the trust, die.
- On termination, the remaining pet trust property/funds are transferred as directed in the pet trust, or if there is no direction in the pet trust, it reverts to the pet trust creator’s estate.
TIP ONE: Since the only protected pets are the ones that you designate in the trust, be sure to amend your pet trust when you change the pets that you wanted protected by the trust, and identify the pets so that there is no confusion about who is protected.
TIP TWO: Be sure to designate an individual to enforce the trust (a trustee). Better yet, be sure and name at least one alternate. Your pets cannot speak for themselves!
TIP THREE: Create a dedicated pet trust. Do not rely upon the goodwill of others, as circumstances may change. Without creating a pet trust, and naming each of your pets as beneficiaries in that trust, your pets are regarded as just property, to be disposed of or sold at the whim of their “owners.”
LINKS: Why a Pet Care Trust
Trusted Pet Partners provides affordable, simple, on line Pet Trusts for the ongoing care of your pets.
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