diff --git a/.github/workflows/main.yml b/.github/workflows/main.yml
index 4c3540ec8..157da7506 100644
--- a/.github/workflows/main.yml
+++ b/.github/workflows/main.yml
@@ -130,7 +130,7 @@ jobs:
           pip check
       - name: Run the tests
         run: |
-          pytest -vv jupyter_client || pytest -vv jupyter_client --lf
+          pytest -vv -W default jupyter_client || pytest -vv -W default jupyter_client --lf
 
   make_sdist:
     name: Make SDist
diff --git a/jupyter_client/manager.py b/jupyter_client/manager.py
index 19afd0db7..426acf69d 100644
--- a/jupyter_client/manager.py
+++ b/jupyter_client/manager.py
@@ -55,34 +55,37 @@ class _ShutdownStatus(Enum):
 F = t.TypeVar('F', bound=t.Callable[..., t.Any])
 
 
-def in_pending_state(method: F) -> F:
-    """Sets the kernel to a pending state by
-    creating a fresh Future for the KernelManager's `ready`
-    attribute. Once the method is finished, set the Future's results.
-    """
+def in_pending_state(prefix: str = '') -> t.Callable[[F], F]:
+    def decorator(method: F) -> F:
+        """Sets the kernel to a pending state by
+        creating a fresh Future for the KernelManager's `ready`
+        attribute. Once the method is finished, set the Future's results.
+        """
 
-    @t.no_type_check
-    @functools.wraps(method)
-    async def wrapper(self, *args, **kwargs):
-        # Create a future for the decorated method
-        try:
-            self._ready = Future()
-        except RuntimeError:
-            # No event loop running, use concurrent future
-            self._ready = CFuture()
-        try:
-            # call wrapped method, await, and set the result or exception.
-            out = await method(self, *args, **kwargs)
-            # Add a small sleep to ensure tests can capture the state before done
-            await asyncio.sleep(0.01)
-            self._ready.set_result(None)
-            return out
-        except Exception as e:
-            self._ready.set_exception(e)
-            self.log.exception(self._ready.exception())
-            raise e
+        @t.no_type_check
+        @functools.wraps(method)
+        async def wrapper(self, *args, **kwargs):
+            # Create a future for the decorated method
+            name = f"{prefix}_ready"
+            future = getattr(self, name)
+            if not future or future.done():
+                future = self._future_factory()
+                setattr(self, name, future)
+            try:
+                # call wrapped method, await, and set the result or exception.
+                out = await method(self, *args, **kwargs)
+                # Add a small sleep to ensure tests can capture the state before done
+                await asyncio.sleep(0.01)
+                future.set_result(None)
+                return out
+            except Exception as e:
+                future.set_exception(e)
+                self.log.exception(future.exception())
+                raise e
 
-    return t.cast(F, wrapper)
+        return t.cast(F, wrapper)
+
+    return decorator
 
 
 class KernelManager(ConnectionFileMixin):
@@ -91,18 +94,14 @@ class KernelManager(ConnectionFileMixin):
     This version starts kernels with Popen.
     """
 
-    _ready: t.Union[Future, CFuture]
+    _ready: t.Optional[t.Union[Future, CFuture]]
+    _shutdown_ready: t.Optional[CFuture]
 
     def __init__(self, *args, **kwargs):
         super().__init__(**kwargs)
         self._shutdown_status = _ShutdownStatus.Unset
-        # Create a place holder future.
-        try:
-            asyncio.get_running_loop()
-            self._ready = Future()
-        except RuntimeError:
-            # No event loop running, use concurrent future
-            self._ready = CFuture()
+        self._ready = None
+        self._shutdown_ready = None
 
     _created_context: Bool = Bool(False)
 
@@ -120,6 +119,8 @@ def _context_default(self) -> zmq.Context:
     )
     client_factory: Type = Type(klass="jupyter_client.KernelClient")
 
+    _future_factory: t.Type[CFuture] = CFuture
+
     @default("client_factory")  # type:ignore[misc]
     def _client_factory_default(self) -> Type:
         return import_item(self.client_class)
@@ -185,9 +186,20 @@ def _default_cache_ports(self) -> bool:
         return self.transport == "tcp"
 
     @property
-    def ready(self) -> t.Union[CFuture, Future]:
-        """A future that resolves when the kernel process has started for the first time"""
-        return self._ready
+    def ready(self) -> CFuture:
+        """A future that resolves when the kernel process has started."""
+        if not self._ready:
+            self._ready = self._future_factory()
+        assert self._ready is not None
+        return self._ready  # type:ignore[return-value]
+
+    @property
+    def shutdown_ready(self) -> CFuture:
+        """A future that resolves when the kernel process has shut down."""
+        if not self._shutdown_ready:
+            self._shutdown_ready = self._future_factory()
+        assert self._shutdown_ready is not None
+        return self._shutdown_ready
 
     @property
     def ipykernel(self) -> bool:
@@ -369,7 +381,7 @@ async def _async_post_start_kernel(self, **kw: t.Any) -> None:
 
     post_start_kernel = run_sync(_async_post_start_kernel)
 
-    @in_pending_state
+    @in_pending_state()
     async def _async_start_kernel(self, **kw: t.Any) -> None:
         """Starts a kernel on this host in a separate process.
 
@@ -462,7 +474,7 @@ async def _async_cleanup_resources(self, restart: bool = False) -> None:
 
     cleanup_resources = run_sync(_async_cleanup_resources)
 
-    @in_pending_state
+    @in_pending_state('_shutdown')
     async def _async_shutdown_kernel(self, now: bool = False, restart: bool = False) -> None:
         """Attempts to stop the kernel process cleanly.
 
@@ -481,6 +493,8 @@ async def _async_shutdown_kernel(self, now: bool = False, restart: bool = False)
             Will this kernel be restarted after it is shutdown. When this
             is True, connection files will not be cleaned up.
         """
+        # Reset the start ready future.
+        self._ready = self._future_factory()
         self.shutting_down = True  # Used by restarter to prevent race condition
         # Stop monitoring for restarting while we shutdown.
         self.stop_restarter()
@@ -643,6 +657,7 @@ class AsyncKernelManager(KernelManager):
     )
     client_factory: Type = Type(klass="jupyter_client.asynchronous.AsyncKernelClient")
 
+    _future_factory: t.Type[Future] = Future  # type:ignore[assignment]
     _launch_kernel = KernelManager._async_launch_kernel
     start_kernel = KernelManager._async_start_kernel
     pre_start_kernel = KernelManager._async_pre_start_kernel
diff --git a/jupyter_client/multikernelmanager.py b/jupyter_client/multikernelmanager.py
index 7dceb9448..682b5e097 100644
--- a/jupyter_client/multikernelmanager.py
+++ b/jupyter_client/multikernelmanager.py
@@ -221,9 +221,7 @@ async def _async_start_kernel(
             self._kernels[kernel_id] = km
         else:
             await task
-            # raise an exception if one occurred during kernel startup.
-            if km.ready.exception():
-                raise km.ready.exception()  # type: ignore
+            await asyncio.wrap_future(km.ready)
 
         return kernel_id
 
@@ -253,7 +251,7 @@ async def _async_shutdown_kernel(
             try:
                 await task
                 km = self.get_kernel(kernel_id)
-                await t.cast(asyncio.Future, km.ready)
+                await asyncio.wrap_future(km.ready)
             except asyncio.CancelledError:
                 pass
             except Exception:
@@ -261,7 +259,9 @@ async def _async_shutdown_kernel(
                 return
         km = self.get_kernel(kernel_id)
         # If a pending kernel raised an exception, remove it.
-        if not km.ready.cancelled() and km.ready.exception():
+        try:
+            await asyncio.wrap_future(km.ready)
+        except Exception:
             self.remove_kernel(kernel_id)
             return
         stopper = ensure_async(km.shutdown_kernel(now, restart))
@@ -270,9 +270,7 @@ async def _async_shutdown_kernel(
         # Await the kernel if not using pending kernels.
         if not self._using_pending_kernels():
             await fut
-            # raise an exception if one occurred during kernel shutdown.
-            if km.ready.exception():
-                raise km.ready.exception()  # type: ignore
+            await asyncio.wrap_future(km.shutdown_ready)
 
     shutdown_kernel = run_sync(_async_shutdown_kernel)
 
@@ -315,7 +313,7 @@ async def _async_shutdown_all(self, now: bool = False) -> None:
         if self._using_pending_kernels():
             for km in kms:
                 try:
-                    await km.ready
+                    await km.shutdown_ready
                 except asyncio.CancelledError:
                     self._pending_kernels[km.kernel_id].cancel()
                 except Exception:
diff --git a/jupyter_client/tests/test_kernelmanager.py b/jupyter_client/tests/test_kernelmanager.py
index e1198597b..6bac48459 100644
--- a/jupyter_client/tests/test_kernelmanager.py
+++ b/jupyter_client/tests/test_kernelmanager.py
@@ -112,13 +112,13 @@ def zmq_context():
 
 
 @pytest.fixture(params=[AsyncKernelManager, AsyncKMSubclass])
-def async_km(request, config):
+async def async_km(request, config):
     km = request.param(config=config)
     return km
 
 
 @pytest.fixture
-def async_km_subclass(config):
+async def async_km_subclass(config):
     km = AsyncKMSubclass(config=config)
     return km
 
@@ -451,11 +451,11 @@ async def test_lifecycle(self, async_km):
         await async_km.start_kernel(stdout=PIPE, stderr=PIPE)
         is_alive = await async_km.is_alive()
         assert is_alive
-        is_ready = async_km.ready.done()
-        assert is_ready
+        await async_km.ready
         await async_km.restart_kernel(now=True)
         is_alive = await async_km.is_alive()
         assert is_alive
+        await async_km.ready
         await async_km.interrupt_kernel()
         assert isinstance(async_km, AsyncKernelManager)
         await async_km.shutdown_kernel(now=True)
diff --git a/jupyter_client/tests/test_multikernelmanager.py b/jupyter_client/tests/test_multikernelmanager.py
index 0437e5349..d61c2830d 100644
--- a/jupyter_client/tests/test_multikernelmanager.py
+++ b/jupyter_client/tests/test_multikernelmanager.py
@@ -395,7 +395,7 @@ async def test_use_pending_kernels(self):
         assert isinstance(k, AsyncKernelManager)
         await ensure_future(km.shutdown_kernel(kid, now=True))
         # Wait for the kernel to shutdown
-        await kernel.ready
+        await kernel.shutdown_ready
         assert kid not in km, f"{kid} not in {km}"
 
     @gen_test
@@ -409,7 +409,7 @@ async def test_use_pending_kernels_early_restart(self):
         await kernel.ready
         await ensure_future(km.shutdown_kernel(kid, now=True))
         # Wait for the kernel to shutdown
-        await kernel.ready
+        await kernel.shutdown_ready
         assert kid not in km, f"{kid} not in {km}"
 
     @gen_test
@@ -421,7 +421,7 @@ async def test_use_pending_kernels_early_shutdown(self):
         # Try shutting down while the kernel is pending
         await ensure_future(km.shutdown_kernel(kid, now=True))
         # Wait for the kernel to shutdown
-        await kernel.ready
+        await kernel.shutdown_ready
         assert kid not in km, f"{kid} not in {km}"
 
     @gen_test
@@ -436,7 +436,7 @@ async def test_use_pending_kernels_early_interrupt(self):
         await kernel.ready
         await ensure_future(km.shutdown_kernel(kid, now=True))
         # Wait for the kernel to shutdown
-        await kernel.ready
+        await kernel.shutdown_ready
         assert kid not in km, f"{kid} not in {km}"
 
     @gen_test