Pet Trusts in New Jersey

Do you have a beloved pet or pets? If so, part of your estate planning process in Summit should include consideration of a pet trust. New Jersey law recognizes trust funds for pets, which can ensure that your pets receive the care they need after your death, even if you are not physically present to provide the financial assistance they need. All states actually recognize pet trusts in their laws, and this is a common component of estate planning for New Jersey residents who have beloved pets and want to ensure that their pets are not abandoned in the event of their death.

What goes into a pet trust? And what do you need in order to establish a pet trust? Our Summit estate planning attorneys can provide you with the information you need, and we can speak with you today about establishing a pet trust as part of your estate plan.

Trust Funds for Pets in New Jersey 

Under NJ Rev Stat Section 3B:11-38, a person can establish a trust fund for a pet. The statutory language reads:

“A trust for the care of a domesticated animal is valid. The intended use of the principal or income may be enforced by a person designated for that purpose in the trust instrument, a person appointed by the court, or a trustee. The trust shall terminate when no living animal is covered by the trust, or at the end of 21 years, whichever occurs earlier.”

The statute also clarifies that “no portion of the trust’s principal or income may be converted to the use of the trustee or to any use other than for the benefit of the animal designated in the trust.” In other words, the pet trust fund is for the benefit of the pet or pets named alone.

Creating a Pet Trust in New Jersey

Creating a pet trust can allow you to leave financial funds for a beloved pet or pets so that they can be cared for throughout their life even if you are no longer physically present to provide financial support, and to ensure that there is a person designated to ensure the pet receives that care. When you want to create a pet trust, it is important to consider all of the following questions so that your estate planning attorney can help you to establish a valid pet trust:

• What are the details of your pet or pets for whom you are creating the trust?
• How much money do you want to put into the trust to provide for your pet’s care? And how much money do you think the pet will need in their lifetime for care?
• Who do you want to care for your pets if you cannot do so yourself?
• Who do you want to manage the trust, and do you want it to be the same person as the caregiver?
• Who do you want to entrust with ensuring that your pet’s rights will be enforced according to the terms of the trust?
• Who do you want to designate as a beneficiary when the trust terminates?

Contact Our New Jersey Estate Planning Lawyers 

For many New Jersey residents, pets are simply part of the family. Accordingly, it is important to make sure that those pet members of the family have their financial needs accounted for in the event of your death, as well as a person or persons appointed to provide care for them in case the unexpected happens. Given that New Jersey law allows residents to establish pet trusts, if you do have a pet or pets at home, you should speak with an experienced Summit estate planning attorney at Dempsey, Dempsey & Sheehan about including a pet trust in your estate planning process. Our firm can assist you with estate planning matters related to your beloved pets, as well as a wide range of other estate planning components in New Jersey. Contact us today for more information about how we can help.

Source:

law.justia.com/codes/new-jersey/2013/title-3b/section-3b-11-38