• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Trust Settlement » Why You Should Create a Pet Trust

Why You Should Create a Pet Trust

July 10, 2017 by John Potter

pet trustA common misconception is that pet owners can leave money behind for their pets in their wills.  While they may have good intentions, you simply cannot include your pet in your will and expect that they will be cared for. The reason is that a pet is considered property, just like a car or jewelry. As such, a pet cannot “inherit” money from you through your will. So, no matter how detailed your will may be with regard to your pet, you are not protecting your pet as you may think.  Instead, you need to create a pet trust, which can provide more security for your pet’s future.

How does a pet trust work?

The goal of a pet trust is to provide income for the support of your pet, along with specific instructions regarding how the pet should be cared for. A pet trust is created like any other trust and it operates the same way. The trust agreement will provide the detailed instructions for your pet’s care, as well as any preferences you and your pet may have.  Depending on how you decide to set up your trust, you can appoint a caregiver as well as an independent trustee who manages the funds to make sure the caretaker complies with the terms of the trust.

The benefits of using a traditional pet trust

A more traditional pet trust is the most commonly used and is recognized in every state, no matter where the trust was created. Another important benefit of a traditional pet trust is that it provides pet owners with the most control over the specifics of their pet’s care.

What is a statutory pet trust?

A statutory pet trust is very different from a traditional pet trust. A state may have a statute that recognizes a very simple provision included in your will. A statutory trust, unlike a traditional trust, will give very little detail regarding the care of your pet.  Instead, you simply include language such as, “I leave $20,000 in trust for the care of my dog, Spot.” When the will is probated, the court will then make sure to honor the provision and stipulate that the estate funds are used for the benefit of the named pet.

A traditional pet trust creates a legal obligation

A pet trust is a great estate planning tool that provides a way to leave your pet to someone to care for, along with the necessary financial resources for providing that care. In some cases, it is necessary to create an actual legal obligation in order to ensure that the pet will be cared for and the funds will be used for that purpose. This is an ideal option for clients who are not sure they can trust someone to voluntarily care for the pet or follow the directions they leave behind.

With a binding legal agreement, the caregiver must follow the instructions as set out in the trust document or they may find themselves legally liable for violating its terms.  The same is true if the trust funds are not used for the benefit of the pet but instead appropriated for some other purpose.

What terms should I include in my pet trust?

The essential terms to include in a pet trust are the identity of your pet, the name of the caregiver, the financial resources to be used for the pet, detailed instructions about the care to be provided and what should be done with any money that remains after your pet passes away.

Why a pet trust is more reliable than provisions in a will

The main purpose of a will is to distribute your property after death. That means the provisions you include in your will regarding your pet are not legally enforceable. That means, after your pet is given to the person you named in your well to inherit your pet, you have no control over whether that person actually cares for your pet. Instead, through a will, the caregiver simply becomes that person’s property, with which she can do whatever she chooses. The only way to guarantee that your instructions will be followed, you should use a pet trust.

What happens to your pet if don’t have a trust in place?

Again, a pet is considered another piece of property in your estate.  If your estate plan does not address the future care of your pet, or if you do not have an estate plan in place, then your pet will usually be given to your residuary beneficiary.  That would be the individual who stands to inherit the remainder of your estate once all other inheritances have been distributed.

Join us for a FREE seminar today! If you have questions regarding pet trusts or any other estate planning needs, please contact The Potter Law Firm for a consultation, either online or by calling us at (704) 944-3245 (Charlotte, NC), (606) 324-5516 (Ashland, KY), or (859) 372-6655 (Florence, KY).

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Pet Planning in North Carolina

Other Articles You May Find Useful

Estate planning for pets
Why You Should Consider Estate Planning for Pets
Can I Provide for a Pet in My Estate Plan

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT