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February 20th Love Your Pet Day

Reasons to choose Wilson Browne

For the Love of Dogs

A $5 million fortune and the unconditional love of a pedigree pooch does make you think that someone is doing rather well in life.

Unfortunately we’re not aware as to exactly when ‘life’ can come to an end and having recently heard of this late dog lovers passing coincided with the four legged millionaire beneficiary, it got me thinking….

The reality of it is that it is very sensible to make provisions for our pets, after all they are family members.

Over the last year while in lockdown with the majority of people working from home we have been spending more and more time with our pets. In many families our pets are treated as babies of the family.

When making a Will the main considerations are:

• who to appoint as an Executor
• who do you wish to benefit from your Estate
• who would you appoint as the guardian of your children

But what about our pets?

It is fairly common for pet owners to include a provision in their Will as to who they wish to care for their beloved pet when they are no longer around and it’s not just dogs and cats, a bigger consideration is those pets that are more than likely going to outlive us, like a tortoise.

Leaving a pet to a friend or relative upon your death is all good and well, but what about the financial burden of being a pet owner?

Sadly, pets are seen as property in law which means they cannot receive an outright benefit, however as with our millionaire pooch recently in the news, you can put in place a Trust within your Will for the benefit of your pet.

The Trust fund would be controlled by the Trustees, chosen by you, to allow your pet to have all they need and still enjoy the life that they are used to and that way your pets won’t go off spending their new found fortune all on treats!

Things you need to consider when including a Trust within your Will:

• who to appoint as the Trustees
• do you want to leave a percentage or a specific sum of money in the Trust
• what do you want to happen to any remaining funds when the Trust comes to an end
• who do you want to benefit (our furry friends of course)

So, although not all of our pets will become millionaires upon our deaths, what they really care about is love. The most important thing is planning ahead to ensure our loved ones are cared and provided for when we no longer can. By making a Will you can have peace of mind that your pet has all the treats and ‘boops’ they need. After all they are all ‘good boys and girls’.

Samantha McKellar

Posted:

Samantha McKellar

FCILEx

Samantha qualified as a Fellow member of the Institute of Chartered Legal Executives (FCILEx) in May 2020 and works within the Private Client team at our office in Corby.