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Let’s talk about something most pet lovers may not have thought through – what happens to your furry (or feathered, or scaly) friend if something happens to you?
Pets are family, though they are classed as assets under the law, so they can’t legally inherit anything.
A recent survey, conducted by Censuswide for The Association of Lifetime Lawyers, found that only 26% of UK pet owners over 30 have made arrangements for their pets in their Will. Almost 60% didn’t even know that pets are considered assets.
You might be thinking, “I’ve already told my brother he can have my dog,” and your brother has already agreed. However, this isn’t legally binding.
So, is there a way to make this situation more official?
Yes, there is! Including your pets in your Will is known as “making a provision for a pet.”
Despite what you might’ve heard about Karl Lagerfeld’s cat inheriting his fortune, it’s more accurate to say he left £1,000,000 to the person caring for his cat. We’ll cover this in more detail…
You can add a letter of wishes in your Will to detail how you’d like your pets to be cared for. It’s also a good idea to ringfence some money to be used to cover your pet’s needs such as vet bills, insurance and food.
Including your pets in your Will can massively contribute to your peace of mind. Most importantly, a Will makes sure your pet gets the love and stability it deserves.
Choose a pet guardian
Think about who would genuinely be happy to look after your pets. Talk to them first – never assume! Once they agree, name them in your Will.
Leave a little guidance
You know your pet best. Even if your Will doesn’t go into too much detail, you can write a separate letter of wishes explaining things like:
Set aside some money
Vet bills, food, and insurance can all add up. If you can, leave a gift of money to the pet guardian to help with costs.
Our pets love us unconditionally and with fierce loyalty. The least we can do is return the favour by making sure they’re cared for if we’re not around.
If you’re not sure how to include your pet in your Will, we’re always happy to chat about your options.