Oddball trusts are specialized trusts established to provide care for a specific animal that was alive at the time of the grantor's death. They can also refer to trusts created for non-charitable purposes without a clearly identifiable beneficiary, such as cemetery trusts. These trusts are governed by the Uniform Trust Code (UTC) and have specific limitations regarding their duration and purpose.
Oddball trusts are primarily used in estate planning, particularly in the context of animal care and burial arrangements. They fall under civil law and can be beneficial for individuals looking to ensure their pets are cared for after their passing. Users can manage the creation of these trusts using legal templates available through services like US Legal Forms, which are drafted by licensed attorneys.
Here are a couple of examples of abatement:
Example 1: A pet owner creates an oddball trust to ensure their dog is cared for after they pass away. The trust specifies that funds will be used for veterinary care, food, and other needs for the dog's lifetime.
Example 2: A person establishes a cemetery trust to cover the costs of their burial plot and related expenses, which cannot last more than 21 years from the date of establishment. (hypothetical example)
Oddball trusts are primarily governed by the Uniform Trust Code (UTC). Specific state laws may also apply, but there are no unique federal statutes governing these trusts.
| State | Key Differences |
|---|---|
| California | Allows for the establishment of trusts for animal care with specific provisions. |
| New York | Has specific regulations regarding the duration and funding of cemetery trusts. |
| Florida | Recognizes oddball trusts but may have different requirements for documentation. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Description | Differences |
|---|---|---|
| Pet Trust | A trust specifically for the care of pets. | Focused solely on animals, while oddball trusts can include cemetery arrangements. |
| Cemetery Trust | A trust for covering burial expenses. | Limited to cemetery expenses, whereas oddball trusts can cover animal care. |
If you are considering establishing an oddball trust, start by outlining your wishes for the care of your animal or burial expenses. You can use legal templates from US Legal Forms to create the trust document. If your situation is complex, consulting with a legal professional is advisable to ensure your trust is valid and meets all legal requirements.
Browse our library of 85,000+ state-specific legal templates.