When we die, we will leave behind us a lot of things that someone else will have to sort-out. The administration of our deceased estate will include providing for our loved-ones, and dealing with our assets and debts. A carefully drawn Will as part of an integrated estate plan will greatly simplify the process.
Most of us would also want to make some sort of arrangement for the care and accommodation of our family pets. Yet for some reason most people never turn their attention to this issue.
Maybe it’s just too sad to think of parting from our beloved furry companion, or perhaps it’s just too hard to know what to do.
Some people try to do the right thing by their pets, but are ineffective in how they do it. They might make a half-hearted effort to extract promises from family or friends that their animals will be given homes if they die. But those promises are not binding contractual agreements. Circumstances and intentions may change. The cost of properly caring for a pet needs to be taken into account. It is a sad reality that animal shelters are overflowing with discarded pets.
Unfortunately, it’s not as easy as just leaving money in our Wills in our pet’s name, but there are ways to provide financially for our pet’s care. In many jurisdictions around the world, including Australia, pets are not allowed to be named as beneficiaries in Wills in Adelaide because only people and organisations can be named.
However we can leave money for a pet through a trust. We can specify who will look after the pet, who will make the decisions about the pet’s care and how much money is spent on the pet’s maintenance and healthcare.