We are clearly a nation of animal lovers with over 50% of UK adults owning a pet and for some people, their pet is their whole world and the one thing that keeps them going every day.
But what many pet owners don’t realise, is that in the eyes of the law, their furry friends are considered property in the same way that a car or item of furniture is.
Pets have no legal personality, and as a result, it’s not possible to leave a bequest to an animal in a Will. The pet itself can be left, just like any other asset. But, unlike other assets, the testator may wish to ensure their pet is taken care of for the rest of their natural lives.
While the simplest option is to leave the animal as an outright gift to a person, there is always the risk that a chosen beneficiary may decline the gift. It’s a huge commitment and even the closest of family or friends may have second thoughts about taking on the responsibility of an animal. Therefore, it’s vital that testators check with the intended recipients of their pets whether they would be willing to commit to this responsibility. Also, it’s always a good idea to select an alternative person just in case the first choice of carer cannot receive the bequest.
A Charity
If the testator cannot or does not wish to find a suitable home for their animal, they can elect for a charity to take the pet and find it a new home in the event of them passing away.
Financial Provisions
Pets are expensive, so a testator may wish to leave financial provision for their animal in the event of their death. But as it’s impossible to leave money directly to the pet because they lack legal personhood, it is necessary to leave such sums for the benefit of the pet. The simplest solution is to leave a sum of money directly to the beneficiary who is receiving the animal with a wish that it be spent for the animal’s benefit. This may not, however, give all testators sufficient peace of mind because, if the money is given as an outright gift in this way, there is nothing to stop the beneficiary from spending the money on themselves as they will be the owner of it. A discretionary trust could be set up so that the beneficiary receiving the animal could be drip-fed funds by the executors of the estate. This gives more certainty to the testator that the whole of the fund set aside for their beloved pets upkeep would be spent for their benefit and not on an exotic holiday! There would be more checks over the release of the funds by the executors who would have the discretion not to release the funds. The executors would also be able to withhold funds if the beneficiary declined to care for the pet.
If you would like to talk to us about leaving provision for your pet in your Will, just give us a call or drop us a line or give us a call and we’ll talk you through it.
