In one of our last blog posts entitled "Large Florida Estate Goes to the Dogs," we highlighted the facts of a popular ongoing Florida probate case where a deceased woman left almost $3 million dollars in estate funds to her three Chihuahuas, instead of her only surviving child. Many read this article and thought, really?!

But it shouldn't be surprising that individuals are increasingly adding their four-legged friends into their overall estate plans. According to a recent article, "Americans are projected to spend an estimated $45.4 billion in 2009-2010 on their pets, up from $34.4 billion in 2004." So naturally, it would be logical to think that people would set up pet trusts to ensure their furry friends will be taken care of after they pass. In many cases, their animals do in fact outlive their owners.

The concept of estate planning for pets is not limited to the ultra-rich or ultra-eccentric. It is merely an additional component of one's overall estate plan. Some individuals leave money in their wills and trusts for another individual to take of their pets in the event that something were to happen to them. Others, as in the case highlight in our past blog post, choose to leave money directly to their pets. However, they are not allowed to keep it buried in the backyard.

The law does not allow animals to inherit assets; however, it does allow individuals to set up a special "pet trust" to provide ongoing care. Despite not being able to leave a pet one's house or boat, individuals can work with attorneys to set up customize outgoing care plans that outline who is to care for the pets, certain amounts of money that is to be spent on the pets for certain ongoing things like food, entertainment, grooming, etc. In this case, a trustee would be identified that will assist in executing the wishes of the deceased.

Case in point: it's not too odd for individuals to think about how "man's best friend" might be cared for in the event of one's passing.

Source: Hilton Head Monthly "Four-legged heirs" 07/28/2010