What is a Pet Trust?
A pet trust is a legal entity designed to ensure your pet receives proper care and financial support when you are no longer able to provide for them, whether due to incapacity or death. This trust can be funded by contributing assets during your lifetime and leaving assets to the trust in your will. Once the trust is in effect, your appointed caregiver(s) will assume ownership of your pet, and the trustee will reimburse their costs for food, housing, and other care. The trustee ensures that the assets in the trust are used for your pet's wellbeing and can appoint a new caregiver if the original one is unable to continue or can no longer inherit the pet.
The 3 Types of Pet Trusts in Maryland
Testamentary Pet Trust
This trust allows you to specify how your pet will be cared for after you die by leaving money and naming a guardian in your will.
Inter Vivos Pet Trust
This trust holds assets and is enforceable while you are still alive.
Honorary Pet Trust
This trust leaves money to the caregiver(s) who care for your pet after you die, but they only receive funds when they are caring for the pet as instructed by you.
1. Appoint a Trustee: The trustee will manage your pet’s finances.
2. Choose Caregiver(s): The caregiver(s) will physically care for your pet.
3. Fund the Trust: Transfer money and other assets into the trust account.
4. Identify Beneficiaries: Identify people or organizations, such as animal shelters or charities, who will receive the remaining money and assets from the trust after your pet dies.
5. Provide Instructions: Specify details about your pet’s care, such as grooming, food necessities, medicine, funerary arrangements, and any other instructions that would help in providing care for your pet. Include microchips, DNA samples, and any other additional identifying information if applicable.
At Z Family Law, we understand that including your pets in your estate plan is just as important as considering your other heirs. We can assist in creating the best pet trust for your beloved pets, ensuring their future care if anything happens to you. If you want to ensure your pet is taken care of in the event of your death or incapacity, contact us at (301) 781-6683 to secure your pet trust today.