What if You Cross the Rainbow Bridge First? Why You Should Set up a Pet Trust

Why It Matters

Pet trusts give owners a tangible reason to finish their estate plans, lowering the 78% completion gap and ensuring animals are cared for rather than sold or euthanized.

Key Takeaways

• Pet owners finish estate plans three times faster than non‑owners
• 36% of Canadians allocate funds for pet guardians in wills
• Average pet trust equals $11,121 CAD (≈ $8,200 USD)
• Dogs, cats dominate trusts; horses and birds receive higher allocations

Pulse Analysis

Pet trusts have moved from a niche concern to a mainstream driver of estate‑planning activity in Canada. Willful’s analysis of over 44,000 completed wills reveals that the emotional bond with a companion animal can motivate people to overcome the inertia that stalls 78% of would‑be testators. By earmarking an average of $11,121 CAD (about $8,200 USD) per pet, owners not only secure ongoing care but also create a clear, measurable goal that simplifies the otherwise abstract task of drafting a will. This financial commitment translates into a concrete line item on the balance sheet, making the estate‑planning process feel more actionable.

The data also highlights how trust amounts vary by species, reflecting the differing cost structures of animal care. Horses, with their high feed, veterinary, and boarding expenses, command an average trust of $21,876 CAD (≈ $16,200 USD), while birds sit around $12,133 CAD (≈ $9,000 USD). Regional nuances emerge as well; Vancouver pet owners allocate roughly $6,070 CAD (≈ $4,500 USD) per animal, a modest rise over Calgary and Toronto, suggesting local cost‑of‑living pressures influence funding decisions. These figures give financial advisers a data‑driven baseline for recommending appropriate trust sizes based on pet type, lifespan, and regional cost factors.

For professionals guiding clients through estate planning, the five‑step framework outlined by MoneySense provides a practical checklist: draft a legally valid will, name a reliable guardian, set a realistic cash amount, document care instructions, and appoint an executor. Emphasizing the legal distinction that pets are property—yet emotionally valued family members—helps clients understand why explicit provisions are essential to prevent unintended sales or euthanasia. As pet ownership continues to rise, integrating pet trusts into standard estate‑planning services not only meets client demand but also differentiates advisors in a competitive market.