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A pet trust is a trust that's set up specifically to take care of your animals. You may have a 13 year old dog and 5 year old cat, and whichever one of those is going to live the longest is going to be taken care of. So, after you pass, your pet trust is set up to take care of the animals. You can either do a standalone trust or you can set it up inside a revocable or an irrevocable trust. You fund the trust and then you determine how the funding is going to be paid out to take care of the animals. |