Estate Planning and Your Pets

Estate Planning and Your Pets

Pets play an important role in many families and often little thought is given to what will happen to them if they are unable to care for them, but it is definitely something they should consider.

If you are a pet owner, you will need to consider who you want to take care of your furry (or fluffy or feathery or scaly or slimy) friend, and whether they would be able to do so. Another important consideration is how much it will cost for your pet to be cared for in the way that you know they deserve. You can decide on a lump sum payment, an on-going income stream, or a combination of the two. You could even decide to provide accommodation for your pet and their carer. It is important to discuss with your chosen carer what you expect and confirm that they are agreeable to taking on this role. Even where you leave money for this purpose, the person caring for your pet and the person responsible for making payments will need to agree to do so.

It can take some time following a death for the estate to be finalised and be in a position to distribute funds so it is important to consider how any immediate needs of your pet will be paid for and we can discuss options with you.

You may also want some oversight of your pet’s wellbeing by ensuring that payments are dependent upon your pet being checked on by a designated person or organisation each year and this requirement can be included in your estate planning documents.

Even where you do not have someone who can step into this caregiving role for your beloved pet, we can discuss with you the options offered by various organisations.

While the law may consider pets to be personal property, we appreciate that to you they are so much more. To find out more about providing for your beloved pet in your estate plan telephone us on (07) 3221 9744 or visit our website to get started online.

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