In 2018, Americans spent $72 billion on their pets, so it is no surprise that pet owners would want to make sure their pet(s) are taken care upon their death.
Under Nevada law, a pet is ‘personal property’ and therefore an individual may not leave money or property outright to their pet(s); however, Nevada Law does specifically authorize the creation of a Pet Trust, in which a person can leave money for the benefit of their pet(s). NRS 163.0075
By creating a Pet Trust, the owner can designate the person(s) they trust to take care of their pet and where the pet is to live. They will also stipulate how the funds are to be used, i.e., specific foods, veterinarian visits, pet grooming spas and the like.
The Pet Trust can be funded in many ways, and oftentimes a pet owner funds the Trust with a small life insurance policy, which is paid to the benefit of the Trust upon the owner’s death.
The Trust should not need to be amended when a pet dies, as it can be drafted so that it applies to all pets the owner has at the time of death, irrespective of their type or identity. That being said, the Trust can be amended by the owner if circumstances change, or s/he has a change of mind.