North Carolina Pet Trusts: Estate planning for Fido and Fluffy’s future care

One of the amazing benefits to living in North Carolina compared to other states is the protection this State allows for your furry, feathered, finned, pawed or hoofed family members with estate planning. NCGS § 36-4-408 was specifically crafted by our State legislature with the future welfare of your pets in mind after you have passed. The ability to establish a Testamentary Pet Trust within your Last Will and Testament to provide for the future custody, care and maintenance of your pets is a valuable resource.

When meeting with your attorney for estate planning, it is important to let them know what pets you currently have. Although they may not be the same pets you have when you pass, your estate planning attorney can carefully design the Testamentary Pet Trust within your Last Will and Testament to cover any and all pets that might ever be part of your family. It is important to designate in your Testamentary Pet Trust who should receive custody of these pets when you die. Both a primary person and a contingent person should be listed as Trustee, and you should discuss your desire with these potential Trustees before naming them in your Testamentary Pet Trust to ensure they are prepared for the possibility of becoming a new adoptive animal parent.

You should also discuss with your estate planning attorney any financial stipend you wish to bequeath to the person named as Trustee specifically for the custody, care and maintenance of your pets after you are gone. Pets immediately come with many financial responsibilities such as food, shelter and vet bills. Luckily, the law in North Carolina allowing for you to establish a Testamentary Pet Trust within your Last Will and Testament for your pets also is designed to protect the financial amounts you bequeath for their care. Under the law, “…no portion of the principal or income may be converted to the use of the Trustee or to any other use other than for the benefit of the designated animal or animals.”

The importance of estate planning is to benefit your heirs and beneficiaries, both human and animal, should something happen to you! The time for estate planning is always now because later is never promised! Do not wait to take advantage of North Carolina’s probate laws allowing for you to establish a Testamentary Pet Trust within your Last Will and Testament!

By Ashley B. Fortune, Estate Planning and Administration Attorney