Most people have heard the stories about the millionaire leaving her dog a trust fund of $12 million, or the woman in Florida who left her pets a $3 million trust and a mansion worth over $8 million, but does this really happen in "real life"? While many will argue that pets are members of the family and hold a special place in their owners' hearts, often times in the estate planning process, the pets are forgotten. I'm not suggesting that you put millions of dollars away in a trust account to ensure that your iguana lives out the remainder of his years comfortably. However, if you have a pet that you do care about, you should make plans for it if it outlives you. For example, if you don't want the pet to go to the Humane Society, you might want to start talking to friends and family about who would take care of Fido when you're no longer able to. Also, consider this a courtesy to anyone who will be responsible for handling your estate upon your death – help them out by giving them guidance on who would best take care of your pet, and some money to help the new pet owner. Providing for your pet is relatively simple; it can be as easy as adding a paragraph to your will or trust. You can simply name someone you would like to nominate to be the guardian of your beloved pet, and state that some sort of monetary gift is to go with your pet as well. The money is instructed to be used for food, vet bills, and other costs of pet ownership. You may not leave your pet a millionaire living in the lap of luxury, but you can ensure that it is well cared for and that its new owner isn't burdened by the expense of a new family member.
(Editor's Note: Attorney Jessica DesNoyers authored this post while working in Varnum's Grand Haven office. Jessica is currently with another firm.)