Pets and Pinot Noir – Using Trusts for Prized Possessions

Thursday, December 19, 2013

Trusts are not just for the super wealthy.  They can be used for many purposes including caring for certain types of unusual personal property.  For instance, a recent New York Appellate Division case upheld a Chenango County woman’s bequest of $100,000 for the care of her cat.

View the decision here: http://decisions.courts.state.ny.us/ad3/decisions/2013/516429.pdf

Trusts can also be used to hold and manage collections such as literary or art work or even a wine collection.  Trusts that are used to hold these types of assets should be drafted with care and particularity in order to preserve and protect these unique assets and carry out the specific wishes of the person creating the trust.  With the proper trust terms and a qualified and knowledgeable trustee, these types of assets can be preserved and maintained for many years.

 

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