You may think you have considered everything when it comes to your estate planning, but if you own any animals, what will happen to them in the event of your death? One option in New Jersey and Pennsylvania is to establish an animal trust.
An animal trust in Pennsylvania can be put in place while you are alive to last as long as any of the animals covered by it are still alive. An animal trust in New Jersey is for domesticated animals and will remain in effect until the earlier of twenty-one years from the date it is created or the death of the animals provided for in the trust.
The trust is set up to provide for the care of your pet(s) after your death. The trustee will hold money in trust to be used only for the benefit of the animals covered by the trust, including food, grooming, and burials. A trustee can also be removed if the person caring for your pet is not doing a great job.
The lawyers at Leonard Sciolla are ready to assist you in handling your estate planning. For help with estate planning matters, call John Leonard or Heidi Anderson at (215) 567-1530 or through our contact page.