Can I leave money to my pet in my Will?
It is possible to include provision in your Will for your pet to be cared for after you have died.
If you wish to include a pet in your Will then we have listed below 7 things you ought to be thinking about:
- You should consider whether the gift is for the care of your current pet(s) only or, for any pet that is alive when you die.
- You should consider who will care for your pet and in particular, who would be willing and able to take on the responsibility. You should also consider whether you want to include a substitute individual, in case your chosen individual is unable or unwilling to take your pet.
- If your pet has exceptional care requirements or, if you are particularly concerned about your pet receiving specific care and attention then you may want to prepare a side letter of wishes to be placed with your Will.
- You will need to consider if you want to leave an outright cash gift to a particular individual or, if you wish to set up a trust.
- It is important to make sure that the financial provision is adequate because ultimately, if the cash gift is insufficient to cover the pet’s maintenance, the beneficiary may be reluctant to accept the gift of your pet or, they may not maintain your pet according to your wishes.
- You should consider the costs associated with caring for your pet, such as medication and vet bills which may increase as your pet gets older.
- If you do not know of any willing individuals, you may want to explore leaving your pet, along with financial provision to an animal welfare charity.
If you want to explore these options further, please give us a call.