Estate planning for pet owners [Video]

It sounds like a bad movie plot: An eccentric millionaire leaves his fortune to his... cat?! But real life isn't Hollywood. Pets cannot be beneficiaries to an estate. But that doesn't mean you can't write your four-legged friends into your will and ensure they have a great life in the event of your passing.

One study found that about 4 out of 10 instances of pet re-homing occur when a friend or relative gives a pet to another friend or relative, primarily because of reasons having to do with cost and housing issues. Proper estate planning can circumvent these problems.

Drafting a will is an excellent opportunity to specify who will care for your pet, how the care will be administered and even how much money from the estate should be awarded to the caretaker to cover the costs of pet ownership.

That's all for today. Tune in next time for more estate planning tips.