Your pet – a vital consideration in your will
A loved pet is as close as family. They can also become an important consideration for your will.
There are several options to provide for a pet, in a will:
- Leave your pet to a friend or relative to care for, usually with a sum of money to assist. (It is important to first check that the person is willing to take the pet)
- Create a testamentary trust in the will with the trustee charged with the responsibility of caring for the pet. The trustee might do it himself/herself or delegate the care to another. The trustee will be empowered to use capital and/or income of a fund for the maintenance of the pet during its lifetime.
- Leave a sum of money to an animal charity on the basis that the charity cares for the pet during its life.
Whichever option is chosen, it is advisable to leave written instructions and information to assist with your pet’s care.
For any assistance, don’t hesitate to contact our Estate Planning Team.