Iowa legislation enables you to set up an honorary trust for your pet in an Iowa Will and Testament. As a condition, you may stipulate that the trust property may only be used for the benefit of your pet and no other purpose.
However, you may only leave an amount which is reasonably required to maintain and care for your pet. If the court determines that the amount substantially exceeds what is required, the court may order for such moneys to be converted for another use. You should designate beneficiaries in your Iowa Will to inherit any remaining trust funds or property once the trust ends. The trust will terminate once your pet dies. You will need to name a trustee (a person to manage and protect the trust funds) and another person to enforce the trust (this could be the carer of your pet). In addition to providing for your pets financially, you should also state who is to inherit your animal in your Iowa Will. Remember to talk this over with the intended beneficiary first – they may not be willing to take your pet. Also, nominate a successor beneficiary to ensure someone will take care of your pet if something happens to the first named beneficiary. The section dealing with pet trusts is contained in title 15 judicial branch and judicial procedures, chapter 633A Iowa Trust Code: 633A.2105 Honorary trusts – trusts for pets. 1. A trust for a lawful noncharitable purpose for which there is no definite or definitely ascertainable beneficiary is valid but may be performed by the trustee for only twenty-one years, whether or not the terms of the trust contemplate a longer duration. 2. A trust for the care of an animal living at the settlor’s death is valid. The trust terminates when no living animal is covered by its terms. 3. A portion of the property of a trust authorized by this section shall not be converted to any use other than its intended use unless the terms of the trust so provide or the court determines that the value of the trust property substantially exceeds the amount required. 4. The intended use of a trust authorized by this section may be enforced by a person designated for that purpose in the terms of the trust or, if none, by a person appointed by the court.