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Rich Cats - How to leave a legacy for your pet |
Trouble was the name of a cat which had its legacy of US$12 million cut back to US$2 million after a court case by unhappy human dependants. Your pet may not benefit by as much, but to ensure its future wellbeing, carefully prepare the legal groundwork. |
Pets cannot inherit from a Will directly, since they are classified legally as property and have no capacity to hold money or property themselves. |
There are several options. A simple clause in a Will leaving your pet and a sufficient gift of money to a carer you nominate, while not binding, will enable the carer to use the legacy to care for your pet. Talk to the person first to see if they are willing. |
It can also be done with a cash amount for the pet's maintenance or as a proviso to receiving a cash legacy. In the latter, if the person cannot or will not take the pet, the legacy will fail. However, it is impossible to ensure that someone will continue to care for a pet if they do accept a legacy or that they will use money left for maintenance for its proper purpose. Ongoing care of a pet cannot be a task which an executor could be expected to oversee. |
A legacy program with an animal charity is another option. This involves leaving a gift of money to the charity in exchange for the charity looking after your pet. |
Or you could set up a trust in your Will for the care and maintenance of your pet. It is important to choose a trustee who is dependable, as a trust will not be enforced by an Australian court if the trustee is not prepared to carry out its terms. Remember to put aside enough money in the trust to cover your pet's lifetime needs and to give your trustee relevant written information about the pet's behaviour. Also, give further instructions about what is to happen to any unspent funds once your pet passes away. |
Some people do not want their pet to suffer the grief of separation and the possibility of an unsuitable new home. If you wish to have your pet euthanased, canvass this first with the person who is appointed in your Will to follow out your instructions. They will arrange for your pet to be euthanased following your death. |
See Peter McNamara to have your Will professionally drafted to ensure that it is valid and your wishes are carried out. |
