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Can I leave everything to my pet? (and more...)

Ian Cooney • Oct 15, 2020

Can I leave my Estate to my pet? (and other related questions...)

Range of pets dog cat rabbit guinea pig

Some of the most common questions we get asked are about peoples pets.

For many their pet is an extension of the family and loved like a child, quite rightly, people often want to ensure they are cared for when they have passed away.


So what options are available to you?


Can you leave everything to your pets?

The simple answer is Yes! Even if there are other family members alive it is your choice where your Estate goes to. 

The practicalities to allow your pet to inherit can happen in two ways:


Number 1: (which very few Will Writers will actually do) you can name your pet as a beneficiary, however in reality what will happen when you pass away, the Executors who are distributing your estate as your Will dictates will have to identify a suitable animal charity who would be able to take on the care of your pet and then gift them the Estate for the upkeep of your pet, they also then have the benefit in kind donation of any excess.


Number 2:  The best option is to nominate a charity of your choice who when you pass away will take on the responsibility for your pet and gain access to your Estate as set out in your Will  as a charitable donation, this gives you the control, to ensure the right organisation is looking after your loved pets.


How do I give my pet to a relative/friend/neighbour when I pass away?

If you want someone close to you to look after your pet rather than an organisation, there are two things to consider:

1. Does the person need financial support to look after your pet? 

2. How old is your pet, are they potentially going to out live you?


These two questions may not seem relevant but are very important. For example if you have a horse, the costs to keep can be considerable, even if the pet is a cat or dog, vet bills can again soon mount up. 

So you need to consider if you are leaving a pet to someone whether in your Will you provide a gift of an amount to provide for the pets future care.

If you envision your pet out living you then although we are talking about using your Will to cater for their needs, what would be a better course of action would be to use a Memorandum of Wishes which is linked to your Will .


A Memorandum of Wishes has significant advantages, firstly it is not legally binding, if the circumstances are not right the outcome can be flexible to cater for the change. For instance: If the pet has passed away first then the financial support isn't needed to be paid and so can be put back into the pot to be distributed with the remaining estate. If the person nominated to care for your pet either is no longer here or is unable to, adjustments can be made to allow someone else to step in or an organisation/charity if more appropriate.


The Memorandum of Wishes makes clear what you would like to happen in the ideal situation, but allows for unforeseen changes to enable a best fit where practical and achievable.


To find out what options are open to you or to go into your specific needs further, click the Request Call Back or Contact Us for a free appointment and advice for your specific situation.


www.willadvice.org


We offer free advice for your Estate Planning needs, including Wills , Lasting Power of Attorney , Trusts , Pre-Paid Funeral Plans, and Probate services .

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