Have you considered naming your pet as a beneficiary in your will?  One of the most controversial and high-profile cases of putting a pet in a will was in 2007, when U.S. billionaire Leona Helmsley left her dog, a white Maltese named Trouble, a $12-million (U.S.) trust fund. Her grandchildren contested the will and, in 2008, a judge reduced the pet’s fund to $2-million.

These kinds of stories used to be reserved for the rich and famous.  However, in the twenty-first century many people are just as (if not more) attached to their dog or cat (or other beloved creature) more than their human family members.  Many clients don’t think their pet will outlive them, but just in case they want to ensure that their beloved companion does not end up in shelter or otherwise uncared for, this may be a consideration.  To help them achieve this, we can draft clauses to name guardians and set up trusts in the client’s will for the benefit of their pet(s).  Although some pets like Trouble receive a small fortune, many animal lovers will set aside an amount averaging around $30,000.

Pet trust clauses are often drafted to allow the guardian or trustee of the trust to pull out capital or interest to be used for the care and maintenance of the pet?

Here are a couple of things to consider when including a pet trust in your Will:

• Never assume someone will step up and take ownership of your animal.
• How much do you think your animal may need to live a long healthy life?  Do you have opinions on the type of food they will eat or the type of care that is to be given? How long could your pet reasonably live for?  This should be considered in setting the amount of your pet trust.
• What life events can the person you have chosen to look after your animals, should anything happen to you, reasonably expect to have in the future? Will your chosen friend be moving to Australia? About to have a family?

Please let us know if you have any questions regarding the above or your estate planning needs. We would be happy to discuss how you can use your will to provide for your furry friends after your death.

Author: Jennette Vopicka

This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in wills and estates law at the following: