Having recently lost both of my beloved cats to illness and old age, I can surely relate to those who have gone through the same thing with their pets. I miss them terribly and think of them every day. Losing your best friend is overwhelming at first but time does heal, and we can cherish those memories with them forever.
Our pets are family: they rely on us to provide food and water, shelter, love and affection. But what happens when we are not around anymore to provide for them? Nevada law provides for the creation of a “Pet Trust” that does just that. The provisions of a pet trust can be included in your Last Will and Testament and your Revocable Living Trust. Many of my clients have taken advantage of these laws and have created plans for their pets in the event they outlive them.
The trust for your pet can be simple with a recitation of the statute, or more detailed and complex. Typically, the grantor (person making the will or trust) sets aside a dollar amount from their estate to be paid to the pet trustee upon their passing. In the case of a living trust, the pet trust can become operative upon the grantor’s incapacity. The money in the pet trust can be used for food, shelter, medical care, training, etc. The most important decision, however, is to determine who will act as the trustee and caretaker of your pet. One trusted person can serve in both roles.
When my clients need a pet trust, I give them a list of ideas to help them write, in their own words, what they want the caretaker to know about their pet. Stay tuned for the list.
Interested in learning more? Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.
