Pet Trusts Explained By a Reno Asset Protection Attorney
Pets provide years of companionship to millions of Americans. If you have a cat, dog, horse, or a combination of one or more of these or other animals, you know that pets are often “members of the family.” Many people are concerned about what will happen to their pet when they pass away, e.g., who will care for their pet, how will they afford to care for the pet, etc. One way to ensure that your pet is taken care of after you pass away or in case of disability is with a pet trust.
A pet trust is a trust created for the care of an animal. Thanks to fairly new laws in most states, pet trusts are now recognized as valid trusts. With a pet trust, you can generally determine who will take care of your pet, instruct the caretaker how to care for your pet, and determine how much money will go to the care of your pet upon your disability/incapacity or death. The two main limitations to pet trusts are that the animal must be alive when you pass away (no future pets), and generally you should not set aside an unreasonable amount of money for the care of your pet (if disputed, a court would likely set aside any unreasonably excessive amounts of money to other beneficiaries who would have received the money in the absence of a pet trust).
Failing to plan for your pet’s future when you pass away will leave your pet’s life dependent on the whims of the local government or other people that do not know or care for your pet. Using a pet trust, you can honor the years of companionship and loyalty your pet has provided by planning for her or his future.
While we work in corporation and asset protection law, we can refer you to a Reno attorney for more information. Call us at (800) 700-1430.