Pet trusts ensure an animal is taken care of after his owner's death.
On April 14, 2009, Maryland Gov. Martin O'Malley signed pet trusts into law, according to the Humane Society. Washington D.C. had this law for several years before Maryland followed suit. This law allows owners to create trusts for their pets to ensure they are cared for if they die.
Pet Trust
According to the Humane Society, this law allows owners to include their pets in estate planning. The owner can make arrangements for permanent guardianship after the owner's death, and name requirements for veterinary care, food and water. This gives pet owners of Maryland a peace of mind that their pets will be taken care of in case they die, and not euthanized. Thirty-nine other states also have pet trust laws.
Arrangements
A statement is made in the owner's will stating he is leaving a certain amount of money and/or property to his pet. A trustee handles the instructions left by the owner. The instructions may include delivering the pet to the person the deceased owner requested to take ownership of the pet after his death. The trustee handles the pet's expenses with the money left by the trust, according to Lippman, Semsker & Salb, LLC.
Remainder Beneficiary
Lippman, Semsker & Salb, LLC recommends naming a beneficiary who will receive the remainder of the trust in case the pet dies before all the money is used. Some owners name a charity as the remainder beneficiary for fear that their pets will not be properly cared for and the beneficiary will have no reason to keep the pet alive.
Maryland Pet Trust Features
Maryland has certain provisions in its pet trust law. According to Lippman, Semsker & Salb, LLC, once the last pet dies that is under the trust, the trust ends. The trust left to the animal can only be used on the animal's behalf, unless the court deems the trust amount excessive. Unless directed by the owner, excess trust will go back to the owner if the pet dies before the owner. Or, if the owner is deceased and then the animal dies, the leftover trust will go to a successor. Also, if the beneficiary is not taking care of the animal per the owner's instruction, another beneficiary may be appointed by the courts.
Trusting the Money
Lippman, Semsker & Salb, LLC recommends considering what kind of pet you have when deciding how much to leave your pet. Also take into consideration how old your pet is, what the animal's life expectancy is, what kind of life you want to provide your animal, and possible future veterinarian care. If you have a certain diet or special toys you want your pet to have, you should leave extra money for that, as well.
Tags: Lippman Semsker, Lippman Semsker Salb, Semsker Salb, their pets, after owner, after owner death, allows owners