Including Pets in your Will
We are a nation of animal lovers; we often forget about what would become of our pets in the event that we pass on. Many people are unaware that they can provide for their animals in their will.
Naming a person or persons, to look after your pets in the Will, gives the peace of mind that your cherished friend would be cared for if you die.
In addition, you can set aside some money from your estate to ensure that your pet owners will be able to care for them when you die.
There is no law that states that they have to look after your pet, as a result, it is therefore important to speak to the person you want to nominate to make sure that they are happy to be left with a new addition to their household.
Far too often, friends and family will be unwilling to take on the responsibility. If no friend or relative is willing to welcome your pet into their home, you can request that your pet is looked after by an animal charity instead. Lots of charities accept pets that have been left homeless as a result of their owner’s death, such as the RSPCA and the Cinnamon Trust.
How to continue to pay for your pet?
There are a number of things to consider alongside leaving your pet to someone, such as whether they have enough money to care for your pet during their lifetime.
One of the options is to leave the new carer a lump sum (Pecuniary Legacy) so that they continue to care for your pet animal. However, the drawback is that the carer can spend the whole sums in one go. However, if the money is left to the trustee, to hold in a discretionary trust, they will be able to circumvent the issue of carer spending the money in one go.