New Jersey law allows owners of pets to create a pet trust that will take care of their animals after the human owner dies. N.J.S.A. 3B:31-24. The owner or the one establishing the trust is called the grantor or settlor of the trust. A persons appointed to administer the trust is called the trustee, and another person can be appointed to oversee the enforcement of the trust. This can be a veterinarian, or other trusted person or entity.
What should be included in the Pet Trust?
Provisions such as medication, grooming, food and diet, grooming, and instruction on the animal's illness or end of life may be incorporated into the pet trust. Just as a living will is a necessary part of your human Life and Legacy Plan, end of life treatment for your pet should be clear and the pet trust is the tool to covey that direction to your trustee.
When does the Pet Trust End?
A pet trust can terminate upon the death of the beneficiary animal, or it can be drafted to care for multiple pets, termination on the death of the last surviving animal. The trustee is permitted to use the money in the pet trust only for the purposed identified in the trust. The trust will provide instruction for any money remaining in trust upon its termination.
Want to Learn More about Pet Trusts?
Read this blog to learn more about Pet Trusts, or contact Hartmann Law to see how you can prepare a Pet Trust as part of your Life and Legacy Plan to ensure the care and welfare of your whole family, fur family included!
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