Oregon Law Review : Vol. 89, No. 1, p. 385-414 : Making Pet Trusts Instruments of Settlors and Not of Courts
This Comment examines how the Uniform Law Commission can essentially eradicate the excess funds provision from state statutes simply by amending the uniform pet trust statutes (specifically section 408 of the Uniform Trust Code and section 2-907 of the Uniform Probate Code). Due to the influence the Commission’s codes have on state legislatures when drafting statutes, such a change will certainly trickle down throughout the states, whether or not each state has adopted the uniform code’s pet trust statute. Part I of this Comment discusses how pet trusts generally operate and describes the kinds of pet trusts that can be implemented in most states. Part II describes the Uniform Law Commission, the creation of the Uniform Trust Code and the Uniform Probate Code, and the effect those codes have on statutory pet trusts. Part III analyzes section 408 of the Uniform Trust Code and section 2-907 of the Uniform Probate Code—two uniform sections that have had the greatest effect on state pet trust statutes. Part III also describes a typical excess funds provision. Part IV analyzes the four main reasons the excess funds provision should be removed from uniform laws.