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The basics of pet trusts

The commercials advertising Petco stores say it all. Our pets can be just as important as family members. After all, they provide companionship, unconditional love, and they’re just so cute. Because of this, why wouldn’t you do everything you could to make sure that they are taken care of, even if you are no longer able to do so yourself?

Part of this involves incorporating your pets into your estate plan. This post will explain an ideal way to do so. 

A pet trust is an ideal way to set aside money and/or property specifically for the care of your pet in the event you are no longer to do so. A pet trust works like any traditional trust, where the trust is established and treated as a separate entity. The trust has a trustee, who is charged with maintaining the trust and utilizing the assets according to the testator’s wishes. Like a trust that sets aside money and assets for children, a pet trust sets aside money for health care, grooming (as necessary), as well as feeding.  

Like many estate planning vehicles, a pet owner does not need millions of dollars to establish a pet trust. Nevada law gives pet owners broad discretion in determining what should be included in the trust. In addition to the peace of mind a pet owner may have in establishing a trust, the owner can also be assured that the property in the trust may not have to be tied up in probate.

If you have additional questions about pet trusts, an experienced estate planning attorney can help. 

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