According to the most recent data from the American Pet Products Association (probably a little bias but it is a start), approximately 66% of U.S. households own a pet, meaning around two-thirds of Americans have pets in their homes. Additionally, for 2024:
* 25.4% of households in America own cats.
* nearly 40% of households in the United States own at least one pet dog.
* Americans spent $150 billion on pet care.
* according to Spruce Pets, the average monthly cost of owning a dog is between $125 and $824.

Obviously, ownership of a pet is big business and for those who have owned or own a pet, a pet is like other member(s) of your family.
As of February 2024, Michigan law now allows for a pet trust. These trusts have been used before, but now the law in this area is codified, meaning the Legislature has defined the law for us.

Under MCL 700.7408, a trust may be created under the following requirements:
* May be created during the settlor’s lifetime;
* Terminates on the death of the animal(s); and
* Appoints a trustee to manage the resources and if no one is appointed, the Probate Court may appoint someone who has an interest in the welfare of the animal(s).

MCL 700.7408(3) also provides for the ability of the Probate Court to determine that the funds set aside for the animal(s) exceed the needs of the animal(s) or intended use for the funds. If so decided by the Probate Court, then those excess funds can be distributed to the animal(s) owner’s successors in interest.

This seems ripe for litigation when the heirs of an aunt or uncle with no children leave their vast wealth to their cat named Samantha. Samantha has potential to live 20 years and the heirs of the aunt or uncle don’t want to wait for the life the cat in order to receive. Afterall, the cat has “nine lives”, so it will outlive them. Sounds like the market for pet insurance just got a shot in the arm!