Many people find it difficult to confront issues about what will happen after their death. To avoid the state of Nevada deciding how to divide their property, proper estate planning can provide peace of mind. By including a trust in their estate planning, they can determine how their estates will be distributed upon their death.
Pet lovers in Nevada are likely aware of the large number of pets being euthanized annually in the unfortunate event of their owner’s death or disability. While the owner of a pet is still alive, pet insurance may help cover costs of veterinary care, but what will happen in the unfortunate event of the owner’s death? Including the beloved pet in a trust may be the ideal way to ensure its well-being after the owner’s passing.
Some pet owners bequeath a pet to another person’s care in a will, but they forget to consider whether that person will be able to afford the care of the pet. In a trust, one can go beyond such an informal agreement and provide for the care of one’s pet. There are organizations that provide no-kill shelters for pets whose owners are no longer able to provide care for them, due to either death or disability. The shelter will serve as trustee or custodian of a pet, and financial provision for such care could be stipulated in the trust.
Nevada residents may acknowledge that their pets could outlive them, and by being proactive, their much-loved pets could be well taken care of through a trust. Help is readily available to assist individuals in creating an all-inclusive financial plan. This will serve as protection for their interests, along with the interests of their families and pets.
Source: nj.com, “Money Matters: Pet financial planning: doing right by your pet“, Eve Kaplan, April 30, 2014