If you have a pet whom you love, you may worry that there is not much you can do for them once you have passed on. However, what you may not know is that there is such a thing as a pet trust. This document as a great tool, and if you have a dog, cat, or any other pet, it may be in your best interest to draft one. Read on to discover the purpose of drafting a pet trust and how a seasoned Montgomery County trust attorney of JDKatz, P.C., can work on your behalf in legally establishing one.
What is the use of a pet trust in the state of Maryland?
The point of a pet trust is so that you can formally name a guardian to care for your pet in the unfortunate event that you pass on before they do. In the state of Maryland, you are allowed to include a pet trust, in your written will, your revocable living trust, or even as a stand-alone trust.
Importantly, your trustee does not necessarily have to be the same person who will look after your pet. This is all the more reason that you must be very specific when drafting this document and clearly instruct your wishes for the following:
- The specifics of your pet’s health care plan.
- The designation of your pet’s veterinarian.
- The specifics of your pet’s burial plan, for when they have passed on.
- The orders for how all remaining funds left toward your pet should be distributed, for when they have passed on.
How can I create a pet trust in the state of Maryland?
Before all else, you must appoint a trustee who will manage all the finances associated with your pet. Then, you must appoint a guardian who will care for your pet. As mentioned above, this can be the same person or two separate individuals.
From here, you can directly tell your trustee and your guardian what their expected responsibilities are to be. In the end, our firm will help you draft an inter vivos or a testamentary trust, where your pet’s care needs will be listed. Notably, in this document, you can add a backup trustee or guardian.
If you require additional assistance with creating your pet trust, do not hesitate in retaining the services of a competent Montgomery County estate planning attorney today. We understand that having a plan set in your place for your pet is just as important as doing so for your child. Give our firm a call today.
Contact our experienced Maryland firm
Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.