Have you considered your pets in your Will?

Perhaps surprisingly, only 26% of pet owners over the age of 30 seem to have considered, and made plans for, what will happen to their pets in the event of their death.  This recent research, conducted by Censuswide on behalf of The Association of Lifetime Lawyers, revealed that 59% of UK adults over 30 were unaware that pets are considered assets in an estate.

In practical terms, this means that UK pets cannot inherit money or property. Whilst Karl Lagerfeld famously left his fortune to his cat, that would not be possible in this country.

It also means that if no other provisions are made, the residuary beneficiary under your Will would inherit your pets. This may be what you intended, but it may not. Everyone wishes to know that their beloved pets will be properly looked after when they are no longer able to care for them. It is quite common for people to want a neighbour or nearby friend to give a home to their pet in the event of their death, particularly if their family or other beneficiaries live many miles away or abroad.

Some people rely on informal conversations with friends and family about their pets but this is not legally binding; however, specifying what should happen to them in your Will is the best way to guarantee certainty for their future.

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From a financial viewpoint, the larger, more valuable or more time consuming your pet may be, the more important this becomes.  Donkeys, horses, purebred species of other animals and large collections of koi carp are obvious candidates for having formal provisions made for them so that they don’t become a point of contention amongst family members. However, less financially valuable pets may have much closer emotional bonds with their owners and be in much greater need of having their future care planned while you are still able to do so.

The sorts of provisions you might wish to consider are how you wish your pets to be cared for, including their exercise regimes, dietary preferences and any medical needs.  In some instance, you may also consider putting funds aside to help with the cost of a pet’s care.  This might be a specific amount left to the person caring for them, or by establishing a trust dedicated to their care.

Our solicitors at Fraser Dawbarns will be happy to help you make or update your Will in a way that makes suitable provision for your pets.  Please contact us for individual advice.

How To Contact Us:

To contact a member of our team, you can fill in our online enquiry form, email info@fraserdawbarns.com, or call your nearest office below. If you’d like to speak to a member of our team at one of our offices across Norfolk and Cambridgeshire, visit our offices page.

Wisbech: 01945 461456

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This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek advice specific to your own circumstances. Fraser Dawbarns LLP is always happy to provide such advice.