When we talk about trusts, we often think about how we will maintain or transfer real estate from one generation to another. We also consider how we want to leave money for young ones who may not be mature enough to handle a great deal of wealth.
For the many uses that we have for trusts, we often don’t consider how we want to take care of our pets in the event we are no longer around. Thousands of pets in Nevada are abandoned each year; many of them because their owners either pass away or are no longer physically able to care for them. Because of this, it is imperative for pet owners to consider incorporating a pet trust into their estate plans.
Essentially, pet trusts work like their definition suggests. The trust is a separate entity that the owner (i.e. the testator) can set aside property and money so that their pet(s) can be taken care of according to their wishes. A trust can also designate a person or group (i.e. the trustee) to take the pet, set provisions for their continued care, and enforce the trust itself.
Like any other trust, a pet care trust requires a great deal of planning and foresight, and an experienced estate planning attorney help you navigate the pitfalls that come with unanswered questions that can come up when you are no longer around.
If you have questions about whether a pet trust is right for you, an experienced attorney can advise you.