What will happen to your pet when you die? This question may seem trivial, considering that most pet owners go through the exact opposite process: the loss of their animal companions. However, it seems to be the subject of increasing interest among a large number of owners. As this report from The Hustle reveals, the volume of inheritances and funds devoted to dogs or cats has increased exponentially in recent years.

And yes, many inherit real wealth.

Disposition. The figures come from the USA, the country with the most pets in the world. 44% of owners have already planned or created some type of financial plan for their dog or cat after their death. The figure is interesting and responds to people’s growing love for animals: 81% of us already think our pets are as important as any other human being.

From a psychological perspective, it makes sense. We feel your losses as well as those of our family members. And hence the concern for their well-being after our death.

Examples. The list of millionaire pets is long, thanks to the eccentric legacies of their owners. Interestingly, the top prize goes not to the dog or cat, which are the most popular breed, but to Gigo, the rooster owned by billionaire Miles Blackwell. Upon his death in 2002, he left more than 15,000,000 euros to the bird through a fund managed by third parties. The idea guarantees your well-being.

Tommaso, Blackie, Trouble or Choncita are other cases. There are even millionaire turtles, Big Tibby.

How does it work? This isn’t just an issue of rich people who are lonely and don’t socialize. There are two ways to bequeath money to a cat or dog: either through a direct donation to a person trusted to manage the animal’s assets; or through a legally established fund that requires the money to be used specifically to maintain the pet’s standard of living. This is the most common way because it provides some control over the recipient of the money.

Problems. Funds are a guarantee. Because the money goes to one person (in the animal’s name), there is no guarantee that that person, perhaps someone who is emotionally detached from our beloved dog or cat, will not use the money for their own benefit. The funds establish control and supervision mechanisms through periodic review of the relationship between the pet’s heir and its caregiver.

It is not immune from fraud. Caregivers sometimes divert funds or replace the animal after death to continue accessing money.

growing relationship. Mad? It could be. But it shows we’re growing up connection emotional with pets. 31% of Spaniards like them more than people. Today’s generations are spending more time alone, having fewer children, and having fewer daily family ties. So we have more and more animal friends: there are around 7 million dogs and more than 430,000 cats in Spain; There is more balance in the US: 60 million dogs versus 47 million cats.

Global figures are unknown due to the lack of reliable figures.

Protected. We also spend more money while we are alive. The pet insurance industry currently carries more than $1.2 billion in the United States alone (more than 23% growth between 2016 and 2017; 17% in Canada). Our emotional and economic investment in life is already so high that we do not want to leave animals lying around when we die.

Image | Wade Austin Ellis

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*An earlier version of this article was published in April 2019.