Three Tips for Estate Planning for Your Pet

The American Veterinary Medical Association (AVMA) reports that approximately two-thirds American households own at least one pet. Many people own several pets. It is a good idea to make a plan for your pet as part of your overall estate plan. In this article, our New Jersey pet trust attorney highlights three tips for estate planning for your pet.

1. Pets are Property—You Cannot Leave Them Money Directly in New Jersey 

Here is a key point to know about the law in New Jersey: Pets are property. You own a pet—and even though they become like a member of the family for so many people, pets are merely a form of property for the purposes of New Jersey law. They cannot be beneficiaries in the traditional sense. What are the implications? That means you cannot leave money directly to your pet in a will. If you try, the funds may instead go to your residuary heirs—and they will have no legal obligation to use the money for your pet’s care. Do not use a will to leave money for a pet. You can only use a will to leave the pet to a specific person. If that is your estate plan goal, that is a viable option. 

2. A Pet Trust is the Best Estate Planning Option for the Care of a Pet 

While you cannot leave money to a pet in a will, New Jersey does allow you to set up a specific type of trust called a pet trust. It is a great option. A pet trust is a legally enforceable arrangement that allows you to set aside money for your pet’s care—and name a trustee who is legally required to ensure your pet’s needs are met. You can include instructions about diet, veterinary care, grooming, and more. Pet trusts are recognized under New Jersey law. They are the best way to get peace of mind that your pet will be looked after according to your specific wishes. You can put as much money as you want in a pet trust. Once your pet(s) pass away, the remaining funds can be distributed to a selected beneficiary—such as a family member, friend, or charity. 

3. Communication is Very Important for Pets and Estate Planning 

Even the best legal plan can fall short without real-world preparation. It is crucial to identify a trusted loved one who is willing and able to care for your pet if something happens to you. Have conversations early—well before a crisis arises—and ensure this person knows where your estate planning documents are and what their role would be. Planning ahead helps avoid confusion and ensures your pet doesn’t end up in a shelter or with someone unprepared to care for them.

 Contact Our New Jersey Pet Trust Lawyer Today

At Poulos LoPiccolo PC, our New Jersey estate planning attorney is a knowledgeable, skilled, and compassionate advocate for clients. We are committed to solving problems. If you have any questions about pet trusts or estate planning for pets more broadly, please do not hesitate to contact us today. We provide estate planning representation all across New Jersey.

Source:

avma.org/resources-tools/reports-statistics/us-pet-ownership-statistics