Preparing a Will? Don’t forget about your pet
According to the latest estimated figures provided by the Pet Food Manufacturers’ Association, the UK pet population in 2018 is estimated at 9 million dogs and 8 million cats. Pets play a highly significant role in the lives of many individuals, with most treating their animals as ‘members of the family’. This is reflected by the results of a recent survey, which revealed that as many as half of UK pet owners allow their pets to sleep on their bed and one in twenty new pet owners have been offered time off work to look after a sick animal.
Although pets may play a tremendous part in our day to day lives, a surprising number of pet owners die each year without having made any provision for their furry friends in their Wills. Whilst it is true that pets usually have a shorter life span than their human companions, there is no guarantee that our pets will die before us. To ensure that your pet will continue to enjoy the level of care that you would want them to receive, it is vital that you prepare for the unexpected and plan for what you would like to happen to them if they outlive you.
How can I ensure that my pet will be cared for?
In the eyes of the law, pets are deemed to be ‘chattels’, or in other words, ‘property’. As with any type of personal property, pets can be left to a beneficiary by your Will.
Many make the mistake of presuming that their good friends or close relatives would step in, in the event that they die before their pet, or rely too heavily on loose conversations whereby a friend has indicated that they would care for the pet after their death. Pets require a great deal of work, time and money, and therefore unfortunately, the reality is that the friend that you presumed would take your pet might not be able to do so when the time comes.
It is therefore crucial to have the conversations now with your loved ones and, if they are willing to take your pet in the event that they outlive you, it is important to update your Will accordingly.
I’m worried about giving my loved ones the ‘financial burden’ of caring for my pet
It’s no secret that these furry friends of ours are not cheap to look after. Dogs can often live for 10-15 years and costs for caring for your dog can easily amount to over £1000 a year. With this in mind, it is common for individuals to provide not only for a gift of the pet itself, but also to provide for a cash legacy to the individual, with a wish that they use such monies to care for the animal.
The use of such a provision in your Will works to ensure that your pet will be well looked after in the event of your death whilst also relieving the financial burden on the beneficiary.
What if I do not have a suitable or willing individual to take my pet in the event of my death?
In some instances, owners might not have any close friends, neighbours or family members who could take on their pet. If this is the case, an alternative is to make arrangements for your pet to go into the care of a charity, such as the RSPCA, where they can be safely re-homed thereafter. Several charities, will take pets left to them in a Will, including for example, Cats Protection, World Horse Welfare and local charity Animal Rescue Cumbria.
As with leaving your pet to an individual, you may also wish to consider leaving a pecuniary gift to the chosen charity. Not only do donations of this kind work to provide a financial ‘thank you’ after you have passed away, but it may also be beneficial from an Inheritance Tax perspective given that charitable legacies will reduce the value of your taxable estate.
Our experienced Solicitors have been assisting clients to document their wishes for almost 200 years and offer a no-obligation initial consultation. For more information regarding how you can ensure that your pet is provided for by your Will, please contact our Private Client team on 01539 723757 or email Lauren.