The New Trust Fund Baby: The Pampered Pet

Have you factored your pet into your will? In a study conducted by Worth magazine, 304 people with a net worth of $19.3 million to $46.7 million were interviewed between 2004 and 2006, revealing what most of us already know: People will spare no expense when it comes to spoiling their beloved pet. The average yearly amount spent on household pets was $250,000, with the most money spent on "life-enrichment services" such as massages and psychic readings. Specialized diets came in second on the expense scale.

Not to be outdone, pet wardrobes averaged $25,000. Possibly the most surprising result of the study was the amount of respondents that have made provisions for their pets in case of the owner's demise. While all respondents had made some sort of plan for their pet, approximately half had made formal arrangements, including putting their pet in their will, with 19% having established a trust for their pet. Owners in the study had an average of $410,000 set aside for the future care of Fido or Fluffy.