Trusts do not always have to be for the benefit of people. Maryland law provides that you are able to create a trust for your pets at your death. This is a great tool to ensure the wellbeing of your dog, cat, horse or other animal when you are no longer there to provide for them.
Pet trusts generally give a certain amount of money to the trustee—who may or may not be the same person that you designate as caretaker. If your trustee and caretaker are not very familiar with how you’ve handled your pets’ care during your lifetime, it may be beneficial to include information regarding your veterinarian and other details. You should also name a remainderman to receive the balance of the pet trust at the last remaining pet’s death. Pet trust may also be crafted to provide for pets you acquire after you execute your estate planning documents.
Click here to see articles on the substantive law of estates & trusts in Maryland.