Nevada is one of forty six states plus the District of Columbia which allow for Pet Trusts. Pet Trusts allow you to designate a caretaker for your pet in the event of your death or incapacity. One of the primary advantages to a Pet Trust is that it creates a legal obligation for the caretaker to care for your pet and provides accountability for the funds you leave behind to care for your pet.
Specifically, you are able to designate a trustee who will be in charge of managing the trust funds and making payments on a regular basis to a designated caregiver. You must also designate a caregiver. You may also want to designate an alternate caregiver in case there is a problem with the original caregiver. If you do not know of anyone you can trust then there is always the option of designating an animal rescue organization or a private animal sanctuary to care for your pet. You will also want to provide directions in the trust to the caregiver, such as the type of veterinary care you want, the type of food that should be provided, and activities that you would like the caregiver to provide for the pet.
Making a decision on the amount of money to place into the trust is something you may want to talk to your veterinarian to determine the average life expectancy of the pet. Also, be sure to account for inflation. If you do not have the funds right now to put into a pet trust another alternative is to use a life insurance policy. For example, a small life insurance policy, such as for $10,000.00, is relatively affordable and could fund the trust.
Once the pet passes away, the trust terminates and the remainder of the money will be disbursed to the beneficiary you name in the trust. With a Pet Trust you will have peace of mind that your beloved pet will be cared for according to your instructions.