As of 2024, 66% of U.S. Households Own a Pet – But Are You Planning for Their Future?
As of 2024, 66% of U.S. households – or approximately 86.9 million homes – have at least one pet, according to the American Pet Products Association. That’s a significant increase from just 56% in 1988. And it’s no surprise: pets are more than companions — they’re family.
Pet-related spending in the U.S. hit a staggering $152 billion in 2025, reflecting just how much Americans invest in their pets’ grooming, healthcare, food, and overall well-being.
Yet, despite all this love and spending, one area many pet owners overlook is what happens to their pets if they’re no longer around to care for them. Whether due to incapacity or death, the question remains: who will look after your beloved companion?
Planning Ahead: Pet Trusts Offer Long-Term Protection
A recent white paper from J.P. Morgan Wealth Management encourages individuals to consider “pet trusts” as a way to ensure their animals are cared for long after they’re gone.
A pet trust is a legally recognized arrangement that allows you to set aside funds specifically for your pet’s care. It includes detailed instructions for how your pet should be looked after and appoints a trusted person or institution to manage the funds and oversee the care.
How a Pet Trust Works
Here’s how to get started with creating a pet trust:
1. Consult an Estate Planning Attorney
The first step is meeting with an experienced estate planning attorney — ideally someone who understands the specific nuances of pet trusts. At PK Boston Law, we’ve helped many pet owners create peace of mind through legally binding pet trusts.
2. Choose the Right Trustee and Caregiver
You’ll need to select:
A trustee to manage the funds.
A caregiver who will physically care for your pet.
These roles can be filled by individuals or institutions, but they should be chosen carefully. Life circumstances can change — for example, your chosen caregiver may move away or become unable to care for pets — so it’s important to revisit these decisions periodically.
3. Draft Detailed Care Instructions
Your attorney will help you lay out a plan for your pet’s daily care, medical needs, diet, routines, and any special preferences or quirks. The more specific, the better — especially for pets with unique health conditions or behavioral needs.
4. Determine the Funding Amount
Decide how much money will be needed to care for your pet over its expected lifetime. Consider:
Veterinary costs
Grooming
Food
Boarding
Emergency expenses
Inflation and unexpected costs
You can fund the trust with a lump sum, or structure it to grow over time through investments.
5. Review and Update Regularly
Just like your broader estate plan, a pet trust should be reviewed regularly. Changes in your pet’s needs, the trustee’s availability, or your own financial situation may require updates to keep the trust effective and enforceable.
Your Pet Deserves a Secure Future
While it’s common to plan for the well-being of spouses and children, it’s just as essential to ensure your pets are provided for when you’re no longer able to care for them. A properly drafted pet trust offers peace of mind that your furry (or feathered, or scaly) loved one will continue to receive the love and attention they deserve.
At PK Boston Law, we’re here to help you create a tailored plan for your pet’s future — whether it’s for Fluffy, Max, Bella, Luna, or any other cherished companion.
Contact us today at 508-807-1131 or info@ pkboston.com to schedule a consultation and learn how a pet trust can become part of your estate plan.
