What is a Pet Trust?

Most individuals are not aware that a trust may be created to take care of loved pets. This type of trust is called a Pet Trust. A Pet Trust would name a "Caretaker" who would receive a deceased party's pet(s) along with funds to help take care of the pet(s) for the lifetime of the pet(s). If the named Caretaker is unable to care for the pet(s), then the successor Caretaker would take over the care of such pet(s). Upon the death of the last surviving pet the trust would terminate. Any funds remaining in the trust would then be distributed to whomever was identified as the remainder beneficiary. This type of trust is an exception to the requirement there must be an identifiable "human" life in a trust in order for there to be a valid trust.