At Chapters Retirement Partners we often discuss with our clients their estate planning wishes and desires. As part of this process, we aim to ensure that our clients have appropriate wills, and estate planning in place to look after them and their loved ones (including their pets).
Fiona Tremlett, Principal Solicitor at Wise Legacy has written the following about what happens to our pets when we die.
Fur-children are family! Parents with human children appoint a guardian to care for them if orphaned – but who would look after your fur-kids?
Could they afford to look after them as you do?
What would happen to your Pets?
Owners may assume that if they die unexpectedly, their fur kids will be looked after. Unfortunately, unless money and instructions are left to ensure the pet is cared for, they often end up in an animal shelter, homeless or worse.
Most people would not treat your pet as you have treated it – unless you provide money to afford it. You can appoint a guardian and set aside money to look after them if something happens to you.
Some pets live much longer than others. For instance, a Macaw bird can live for 50 years or longer!
Most cats and dogs live between 10 – 20 years. Unfortunately, accidents and unexpected illnesses happen and pets sometimes outlive their owners.
Old Age catches up with all of us
Of course, the older pets get, the more expensive they get with vet visits, medications, special diets, etc. Many responsible pet owners might not want to take on a pet unless they know they can afford to care for it effectively – this is where a Pet Care Trust in your Will can make all the difference!
You’re a pet lover, so you understand that pets feel happiness, love and they grieve, just like us. If you could – wouldn’t you want to make the last years of your pet’s life as safe, loving and enjoyable as possible?
Setting up a Pet Care Trust is simple:
- Who will have the responsibility of looking after them (or finding them new homes) and a back-up person;
- How much you want to bequeath into the Trust to cover the vet, food, comfort, care, travel and insurance costs for the rest of the life of any pets you own at your death; and
- Where any money left in the Trust goes after all of you pets have passed away.
If you need to get an estate plan in order or review an existing will or estate plan (and include considerations for your pets), please visit https://wiselegacy.com.au/contact/
This article is intended as a source of information only. No reader should act on any matter without first obtaining specialist professional legal advice which takes into account an individual’s objectives, financial situation and needs.