James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comKey Contacts
Back
Every year, there are a few individuals who want to leave part or all of their estate to their pet. Unfortunately, pets are considered property, and property cannot own other property. This leaves an interesting conundrum for dedicated pet owners, but there are a couple of ways around it. So, now the question remains – Can I Leave My Estate To My Pet?
Leaving your pet to a trusted caretaker
The simplest and often most effective way to make sure that your pet will have a good life after you pass away is to leave the pet and the money for his or her care to a trusted caretaker. It is important that this be a person who you trust, however, because there is no legal obligation for him or her to use the money for the care of the pet.
The clause in your will would likely look something like this, courtesy of NOLO:
I leave my pet [name] and $[amount], to [trusted caretaker], with the hope that the money will be used for [pet’s name]’s care and maintenance.
Notice how it reads “in the hope.” There is no legal recourse should that caretaker use the money on him- or herself.
Creating a trust
A more expensive and complicated, but ultimately more effective option is to create a trust that is designed to benefit your pet. In this trust, you will leave your pet and the money to the same caretaker, but this time the money comes with a legal obligation to care for the pet.
In this document, you can not only name the person who will care for the pet and the amount of money to be used for this care, you can also describe how you would like the pet to be cared for both after you die and before you die should you become incapacitated. You will also have to name an enforcer of the trust.
This option is less flexible and more expensive, but it will ensure that your pet is cared for.
- Practices: Tax and Trusts & Estates, Sophisticated Estate Planning & Wealth Preservation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
Author: George McGowan
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.