Tuesday, September 20, 2016

Pet Trusts

Pets are often considered family members, but their owners may not consider what will happen to the pets when their owners pass away.  A family pet runs the risk of being abused, mistreated or sent to a shelter when its owner passes.  By planning ahead to take care of your pets, you can ensure that these important family members are not neglected when you pass.

Pets are considered their owner’s property, so you cannot leave money or a gift directly to a pet.  You can leave money to a caretaker in exchange for caring for a pet.  This avenue may be difficult to enforce once the pet owner passes, which is why the David Bindrup Law Firm offers its clients unique verbiage that can encourage a caretaker to properly care for the Trustor’s pet as the Trustor would do.

This verbiage is best placed in a trust, not a will.  A will doesn’t address what happens if the maker is incapacitated or the time period between the death of the maker and the start of probate.  A family pet can easily be lost in the shuffle under those circumstances. 

Nevada statutes allow the formation of a trust to take care of a pet.  You can name a responsible person to care for the pet, as well as specifications of how to care for the pet.  Everything from living arrangements, diet, exercise, veterinary care and oversight of funds can be addressed in your pet trust.
By planning now, pet owners can ensure their pets are cared for after they pass away, and can even set aside life insurance policies to fund such care.  Set up a cost free consultation with the David Bindrup Law Firm to learn more about how a pet trust can give you and your pet peace of mind.