More than half of all Canadian households have at least one pet -- and in many cases, they're more than just man's best friend. They're family. But 50 per cent of Canadians haven't written up a will for themselves -- let alone one that provides for their four-legged friends.

Lawyer Barry Seltzer is the co-author of "Fat Cats & Lucky Dogs -- How to Leave Some of your Estate to Your Pet." Seltzer says the last thing you want is for your dog, cat or iguana to end up unwanted in a shelter.

"By creating a pet provision in your will you can designate someone to look after your pet when you're gone and you can leave them a certain amount of money to deal with expenses such as food, medical bills, boarding and grooming," Seltzer said. 

Seltzer says the pet provision in a will can be a simple addition or as detailed as you like. Perhaps you may only want to see if a friend or relative will look after your pet and name them in the will. It's best to ask them in advance to make sure it's a responsibility they want to take on. Or you may wish to create trust for your pet which would be more complex and require more legal detail.

The cost to prepare a will varies. You can legally create a will by doing it yourself or using an inexpensive will kit. However, most legal counsel will suggest using a lawyer familiar with handling wills and estates. A basic will for a couple will start at around $500. It's an added expense, but if you have a home, investments and other assets -- and a pet -- it is something you should eventually do. You'll also want to update your will occasionally to make sure your Uncle George still will care for Rocky or that you're Cousin Samantha has not become allergic to cats. So if you are considering writing a will -- remember to include a pet provision which could make things easier for your pet in the future.

Key Points:

  • Pets are not allowed to be named as beneficiaries in Canadian wills because only people and organizations can be named for inheritances
  • However, pet owners can leave money for the pet through a trust and appoint a trustee to oversee the care.
  • The owner can specify who will look after the pet, who will make the decisions about care and how much money should be spent on maintenance or healthcare
  • The will should also specify to whom or what organization the leftover funds should be given if the pet dies
  • People typically estimate how much it will cost per year for food and care, and then multiply that by the animal's life expectancy
  • The appointed caregiver should also be financially compensated for caring for the animal. Alternate caregivers/custodians should also be chosen
  • According to Statistics Canada, there are approximately 3.5 million dogs and 4.5 million cats in the country

Average life expectancy of pets:

  • Hamster: 2-3 years
  • Lizard: 4-8 years
  • Rabbit: 8-12 years
  • Dog: 10-12 years
  • Cat: 12-16 years
  • Horse: 25-30 years
  • Cockatoo: Up to 70 years

For more information on Seltzer's book "Fat Cats and Lucky Dogs – How to Leave Some of Your Estate to Your Pet" check http://www.fatcatsandluckydogs.com/