Pet Trusts: Including Animal Care in Your Estate Plan

As pet owners, many of us consider our furry friends to be family. But when it comes to estate planning, one question often lurks in the minds of responsible pet owners: what will happen to my pets once I’m gone? 

This concern prompts a vital component of estate planning that many overlook: ensuring your beloved pets are well cared for in the event of your death. Elder Law Lawyers is here to answer this question for Kentucky residents. 

Estate Planning Essentials: How to Ensure Your Pets Are Cared For After You’re Gone

At Elder Law Lawyers, our trusted estate planning attorneys are here to guide you in creating a comprehensive estate plan that includes provisions for your pets, so you can rest assured their future is protected.

Are Animals Assets or Beneficiaries?

Legally, animals are considered assets rather than beneficiaries. This means you cannot leave money directly to your pets in a will. However, with the expertise of a will and trust attorney in Lexington and Fort Mitchell, you can establish a pet trust that ensures your animals are cared for after your passing.

Through a pet trust, you can:

• Name a caretaker: Choose someone you trust to take responsibility for your pet.
• Allocate funds: Set aside money specifically for your pet’s care, which can cover costs such as food, grooming, and veterinary bills.
• Protect your intentions: Ensure that the funds designated for your pet’s care are not misappropriated by the caregiver.

How to Set Up a Pet Trust

Creating a pet trust involves several vital steps. Here’s how you can start:

1. Designate your pet as a beneficiary: Specifying your pet recognizes them as a part of your estate plan.
2. Choose a responsible caretaker: Ideally, this individual should be someone who knows your pet’s needs and can provide the necessary care.
3. Establish funding: Determine how much money will be set aside for your pet’s care and how that money will be disbursed over time.
4. Appoint a trustee: This person will manage the trust and ensure the funds are used exclusively for your pet’s needs.

The trust remains active for the life of your pet and can even include specific instructions regarding their care—like preferred food types, daily routines, or particular health needs.

What’s the Legal Precedent for This?

Under the provisions of Kentucky law, specifically KRS 386B.4-080, a trust can be established for the care of an animal that is alive during the settlor’s lifetime. Such a trust will terminate upon the death of the animal or, if multiple animals are included, upon the death of the last surviving animal.

To create a valid trust, several requirements must be met as outlined in KRS 386B.4-020:

1. The settlor must have the legal capacity to create the trust.
2. The settlor must express a clear intention to establish the trust.
3. The trust must have a definite beneficiary, which can include:
   • A charitable trust,
   • A trust specifically for the care of an animal,
   • A trust for a noncharitable purpose.
4. The trustee must have specified duties to fulfill.
5. The same individual cannot be both the sole trustee and the sole beneficiary.

Additionally, a valid power can exist in a trustee to select a beneficiary from an indefinite class; if this power is not exercised within a reasonable timeframe, the property will revert to those entitled to it as if the power had not been granted.

The trust can be enforced by an appointed person as specified in the trust terms or, if no such person is named, by a court-appointed individual with a vested interest in the animal’s welfare. Funds from the trust must be used solely for the specified purpose, although any excess can be returned to the settlor or their heirs.

This framework provides pet owners with a structured legal means of ensuring the well-being of their animals after their passing.

Planning for Your Beloved Companions

If you haven’t yet made plans for your pets, now is the time to take action. A solid estate plan is more than a will; it encompasses how to handle your assets—both human and animal—after you’re gone. It may also include bequests to animal charities or organizations that align with your values.

An important aspect of ensuring your pets are cared for is to determine reasonable monthly expenses for their care, including food, grooming, and medical needs. When you work with a will and trust attorney in Lexington and Fort Mitchell, they can help you assess and allocate suitable funds for these expenses, allowing you to create a clear plan that protects your pets’ future. 

Contact the Elder Law Lawyers today for actionable support and greater peace of mind.  

Setting Your Furry Friends Up for Success

If you’re ready to include your pets in your estate planning or simply want to learn more about the process, contact Elder Law Lawyers. Our trusted estate planning attorneys are here to help you navigate this important journey. 

Schedule a consultation online or call us today at 859-543-0061 and ensure that all the things that matter—especially your beloved pets—are secured in your estate plan.