Published on: 1st November 2021

Providing for your pets

When thinking of estate planning, many people think about their homes, money, and other assets. Generally, most people forget that they can make provisions regarding their pets too. Over 50% of British adults own a pet with 44% of them stating that they wish to leave money to ensure the welfare of their animals.

Whilst a pet may be part of your family in your eyes, the law in England and Wales says that they are your personal possession. Therefore, they can be left to a beneficiary, just like any other asset. You must choose your beneficiary carefully and it is best practice to discuss this with them before including them in your Will. As some beneficiaries' circumstances change and they may no longer be able to keep your pet for you, it is advisable to include a substitute beneficiary for your animal. If you struggle to find a beneficiary that might be willing to care for your pet, it is also possible to elect a charity such as the RSPCA to find your pet a new home when you pass away.

One major challenge that can arise for a beneficiary is the cost of keeping a pet. Because your pet lacks a legal personality, you are unable to leave a bequest to them specifically. A solution can be to leave money to the beneficiary that will receive the animal. There are problems with this, however, as the beneficiary might decline responsibility to care for your pet or might use the money elsewhere. One option to help with this is to have wording in your Will to ensure that the beneficiary only receives the sum if they agree to care for the animal. Another option to help for those who are worried that a beneficiary might not spend the money responsibly is to set up a discretionary trust which the executors of the estate can manage. In this scenario, the executors would be able to provide funds to the beneficiary when needed, but also withhold funds if they declined to care for the animal.

It is also important to think about any pets you might have in the future. If you eventually replace your current pet or get another, having a provision naming your pet specifically can cause issues. Instead, it is best to state that any provisions of your Will to do with your pet apply to any and all animals owned by yourself when you pass away.

If you have a pet and are worried about where they might go, consider writing a Will or amending your current Will to include a provision for them. At Casey & Associates, we are able to create bespoke Wills to accommodate you and your pets in any of the aforementioned circumstances. For a no-obligation consultation, please contact our client services team to book an appointment with one of our knowledgeable Consultants by calling 01732 868190 or by using our online form here.

======================================

Our Covid-19 policy is now that if you wish to give instructions or require general information about our Wills, Lasting Powers of Attorney or Trusts then we will carry out a telephone or Zoom appointment. However, if you wish to give instructions to one of our Consultants and you feel that you can only do this at a Face to Face meeting we are offering, at our Consultant’s discretion, a limited number of Face to Face appointments in most of the areas we normally cover (subject to Government advice). To see the areas we normally cover please click here. To arrange an appointment please telephone 01732 868190 or click here.

======================================

Back to all news