According to the American Society for the Prevention of Cruelty to Animals, there are an estimated 75 million dogs and 85 million cats living in U.S. households. To many pet owners, a dog or cat is more than just a pet and is viewed as a member of one's family. It makes sense, therefore, that some pet owners want to take steps to ensure for a pet's future safety and wellbeing.
Much like a revocable trust provides for the financial security of an individual's living heirs, a pet trust can be used to provide for a pet's financial needs. By establishing a trust and naming a trustee to manage and carryout the terms of a pet trust, an individual can help ensure for a pet's future healthcare and living expenses.