Legal Question in Wills and Trusts in New Jersey
Creating a will and trust fund
The beneficiary of my estate will also gain ownership of the household pets. The estate has value, but probably not much in the way of liquid assets. Should I set up a trust fund for the care of my pets in case the estate is sold after my death? It seems kind of backwards to write in a will that if the estate is sold, there should be a trust fund set up for the care of the pets. But at this time, there's no cash for this fund.
2 Answers from Attorneys
Re: Creating a will and trust fund
You should have a Will that does two things. [1] designates a person or persons to be responsible for your pets; and [2] the Will should direct that a specific dollar amount be set aside and held in trust to provied for the care of your pets. The caregiver for the pets can be the trustee.
Re: Creating a will and trust fund
I totally concur with Jon, and have set up a few of these trust arrangements. One concern: You do not identify what type of pets are involved? Dogs, cats and even horses are easy to deal with. On the other hand, parrots, which have a life expectancy much longer than those can be a problem. Contact me directly if you need assistance.
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