Pet owners often consider their pets family members, so planning for them in case their owners pass away seems only natural. Fortunately, Nevada law has special regulations that help to govern how this situation can unfold effectively.
If you want to care for your pets after your passing, now is the time to work with a legal professional to get things in order. Consider these issues to better ensure that your pets are taken care of and can enjoy a full life even after you’re gone.
Understanding Nevada’s legal framework for pet trusts
Nevada allows pet owners to create trusts. Under Nevada law, NRS 163.0075 allows the establishment of these trusts by allowing an owner to designate a trustee who will handle funds set aside for the pet’s benefit. These trusts are a legal way for you to care for your pets after your death. This trust can remain in effect for the life of the pet or until the last pet dies if more than one is included.
Designating a caregiver and trustee
One of the most critical components of the pet trust is the person you name as caregiver. This is the person who will take care of your pet and ensure the daily care. Because this is the person who will have physical custody of your pets, you should choose someone you know will take care of them like you would. You’ll also have to name a trustee who can handle the financial aspects of the pet trust. By having someone other than the caregiver over the trust, you can be sure that the contents of the pet trust are used as intended.
Funding a trust
Once you create the pet trust, you have to fund the trust. You’ll have to determine how much money to put into it and what assets, if any, you’ll put into the trust. There are several factors that play a role in what might be necessary. These include:
- Pet’s current standard of care
- Pet’s expected lifespan
- Likely cost of care, including grooming, veterinary care and food
It’s also important to include clear instructions in a pet trust document about the standards of care and the type of treatments the pet should receive. This can help to more effectively prevent a misuse of funds and better ensure that the pet’s life is as comfortable as possible.
Your legal representative can help you to better ensure that everything is in order so your pets can enjoy a wonderful, regardless of what happens to you.
