A Pet Trust in Ohio
A Pet Trust in Ohio is a legally binding arrangement that allows a pet owner to provide for the care and support of their pets in the event of their death or incapacity. The Ohio Revised Code Section 5804.08 provides the legal framework for creating a Pet Trust in Ohio.
A Pet Trust can be embedded within a Revocable Living Trust (RLT) but may also be created separately from the RLT.
Creating a Pet Trust in Ohio
- The Trust may be created to benefit one or more designated animals alive during the settlor’s lifetime but need not name the animals specifically.
- The Trust would be created by a written instrument, signed by the settlor or by another person on behalf of the settlor.
- The Trust would appoint a trustee responsible for managing the trust property and using it to benefit the designated animals.
- The Trust may specify the intended use of the trust property, including instructions for the designated animals’ care, feeding, and medical treatment.
- The Trust would typically terminate upon the death of the last surviving designated animal or upon the expiration of the trust term, whichever occurs earlier.
- The trust property may be used only for the benefit of the designated animals. Any unused property may be distributed by the trust instrument (such as to another person or charity).
- There is typically a caretaker beneficiary, meaning the person who would care for the animals and might also receive a distribution from the Pet Trust.
The settlor can designate a specific amount of money or property to fund the Trust, or they can use a percentage of their estate to fund the Trust. The trustee of the Pet Trust has a fiduciary duty to manage the trust property and use it solely for the benefit of the designated animals. The trustee may be granted broad or limited discretion to make decisions regarding the care and maintenance of the designated animals, as specified in the trust instrument.
If the trustee fails to fulfill their obligations, the Trust may be terminated, and the remaining property distributed as directed in the Trust. The Pet Trust may also be terminated if the designated animals die or the trust property is exhausted.
Summary
A Pet Trust in Ohio is a legally binding arrangement that allows pet owners to ensure their pets’ ongoing care and support in the event of their death or incapacity. The Ohio Revised Code Section 5804.08 provides the legal framework for creating a Pet Trust in Ohio.
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