Our pets are more than just companions; they are beloved members of our families however, regardless of how much they are part of the family, the law considers our furry friends to be a ‘chattel’ or possession which means you are not able to leave any assets to it.
As pet owners, it is our duty to ensure our pets wellbeing, even when we are no longer able to care for them. So what can you do to ensure your pet is provided for?
Make a provision in your Will
You can make special provisions for your pets in your Will. This allows your executors to take immediate responsibility of them when you die and follow your wishes with regard to their welfare.
Leave your pet to someone you trust who is willing and able to take on the responsibility of caring for your pet; it is recommended that you discuss your wishes beforehand to ensure they are comfortable and committed. It is also a good idea to choose an alternative person in case the first person is no longer able or willing to accept the gift.
Pets come with expenses including, food, veterinary care and other necessities. You could consider including a specified amount of money for the chosen person to pay for your pet’s upkeep however, it is important to know that the money belongs to that person and not your pet and there is nothing in law which can prevent that person from taking the money and re-homing your pet.
If you are unable to or do not wish to find a suitable home for your pet, you could choose a charity, such as the RSPCA, to take your pet and find it a new home when you have died. Or you may choose to pass this decision onto your executors and use a Letter of Wishes to guide them with this decision.
A safer and more preferred option may be to set up a pet trust instead.
Set up a pet Trust
As explained, your pet is considered to be a possession and so cannot be a beneficiary of your Will or in a Trust however, you can set up a Trust either during your lifetime or in your Will which allows your trustees to use the Trust fund or other assets to pay for the care of your pet. You will need to name beneficiaries who should ultimately inherit after your pet has died.
You should consult with a legal professional if you wish to create this type of Trust as they are required to be carefully worded to avoid being deemed invalid. Our pets bring joy and comfort into our lives, and ensuring their wellbeing should be treated as importantly as our families. Including a provision in your Will can prevent any uncertainty and provide you with peace of mind that your pets will be well cared for once you have died.
Comments