(New York)

No, the headline above is not a joke, though it may look like one to some. While it is easy to joke about people leaving millions to their dogs, the reality is that setting aside a portion of inheritance to take care of a pet is increasingly common, and advisors need to be aware. 44% of pet owners have some financial plan in their will for the care of pets, with the structure usually being that money would go to a designated caregiver. One advisor in Boca Raton who handles pet planning says “If you care about them and you want to make sure they’re taken care of, you have to have a contingency plan for them or else they end up at the Humane Society”.

FINSUM: 44% is a huge number, but it does make a lot of sense. Pets are valued family members and it seems irresponsible to many to leave them without care.