Estate Planning and Pets: An Overview of Your Two Main Options in New Jersey
According to data from World Population Review, nearly half of all households in New Jersey own a pet. Dogs, cats, and other pets can become truly beloved members of the family. Your pet should be part of your estate plan. Without a plan in place, your pet’s care could become uncertain if you pass away or become incapacitated. In New Jersey, two primary legal tools can ensure your wishes are honored and your pet is cared for. Choosing the right option depends on your goals, budget, and level of control you want over your pet’s future. Here, our New Jersey estate planning attorney provides an overview of your two main options for handling your pet as part of your estate plan.
Option #1: You Can Give Your Pet to Someone Using Your Will (Foundation)
One of the simplest ways to plan for your pet’s future is to name a caretaker in your will. A last will and testament is a legal document that allows you to transfer ownership of your pet to a trusted friend or family member when you pass away. In New Jersey, pets are legally considered personal property. In other words, the person you name will have full legal control over your animal’s care.
While this approach is straightforward and cost-effective, it does have limitations. You cannot use your will to require the caretaker to follow specific instructions or spend money on your pet in a certain way. Further, you cannot leave money to a pet in a will. Once the pet is transferred, the caretaker is not legally bound to carry out your wishes unless they choose to do so. Still, this is the most common strategy and it works for many people.
Estate Planning Tip: Make sure that you communicate with the person that you are planning to leave your pet to so that they are prepared, capable, trusted, and willing to take on the responsibility.
Option #2: You Can Provide Support for Your Pet With a Pet Trust (Comprehensive)
If you want greater control and legal enforcement of your wishes, you can create a pet trust under New Jersey law (N.J.S.A. 3B:31-24). A pet trust allows you to set aside funds specifically for your pet’s care and to appoint a trustee to manage those funds. Indeed, you can use a pet trust to outline detailed instructions covering diet, veterinary care, grooming, exercise, and even more detailed living arrangements. The trustee is legally obligated to use the funds in accordance with your instructions, and the designated caregiver must follow those directions. While a pet trust requires more time and cost to set up than a simple will provision, it provides both funding and enforceable oversight. It is the way you can leave money towards the care of a pet in New Jersey.
Speak to Our New Jersey Estate Planning Lawyer for Pet Owners Today
At Poulos LoPiccolo PC, our New Jersey estate planning attorney has the knowledge, skills, and experience that you can trust. If you have any questions or concerns about estate planning, please do not hesitate to contact us today for a confidential consultation. With an office in Monmouth County, we provide solutions-focused estate planning services throughout New Jersey.
Source:
worldpopulationreview.com/state-rankings/pet-ownership-statistics-by-state
