Paws for Thought
Don’t leave your pets out of your estate planning!
When it comes to estate planning we talk a lot about PETs, but not often about
pets (of the furry, fluffy and feathery variety). Most pet owners will want to ensure
that their pets continue to be cared for after their death, so let’s look at what
we need to consider.
While many animal lovers consider Rover a member of the family
rather than a possession, when it comes to succession pets are
actually considered a personal chattel. Like any other personal
chattel, pets can be specifically gifted in a will.
The testator should be asked to consider who they wish
to look after their animals, whether they ought to make
financial provision for the care of the animal, as well
as the particular needs of their pets as this could
impact who is best to care for them. For example,
certain types of parrot have a life expectancy of
around 60 years so gifting them to an elderly
beneficiary may be unwise.
The upkeep of an animal can be very
expensive. This can range from the cost of
feeding and grooming up to expensive vet
bills and stabling (in the case of horses). This
can be off-putting for a potential beneficiary.
The testator may want to consider how to
alleviate any financial burden on a beneficiary.
Financial provision could be made by way
of a simple gift of money to the beneficiary
conditional upon them taking on the care of
the animal. Again, the testator should consider
the animals needs and associated upkeep costs
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The Society of Will Writers