Pets are an integral part of our lives, but what happens to them when we pass? Unfortunately, it is not possible to name your beloved pet as a beneficiary in your Will but, you can still make sure they are cared for.
Here are some key things to consider when planning for your pet.
Who will look after them?
While you are unable to name your pet as a beneficiary, you can name a 'carer' or someone who will be responsible for them. This could be a family member or trusted friend, who has the time and resources to care for your pet.
If you are unable to find an appropriate carer, it is also possible to 'gift' your pet to a registered animal charity who may be able to assist in re-homing your pet. However, it is best to contact them directly before making such plans.
What are their needs?
An important area to consider is the needs of your pet; do they have any medical conditions or requirements? Are they an active dog that requires a walk every day and space to run around or are they a housetrained cat?
Another factor is the potential costs associated with caring for your pet. Is your pet likely to require medical treatment in the future? It is possible to leave a 'gift' that covers the expected costs of to the beneficiary which can be outlined in your Will.
What is the lifespan of your pet?
Some pets such as tortoises or koi fish have unusually long life spans. When writing your Will, you should consider a plan for longer living pets (who may even outlive the designated carer), such as a trust fund or partnering with a relevant animal organisation.
The majority of Australians own a pet, from cats, dogs, birds and horses, giving us companionship and support for years (and sometimes decades!). So when its time to write your Will, it is important to make sure your pets are included too.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice