Estate Planning, Wills, Wills and Estate Planning

When creating a will, many people make assumptions or only have an informal plan in place for their pet. Sometimes they may even forget to consider their pet as part of their estate planning!

Your household pets are a part of your family. They deserve a plan for their future care even if you aren’t able to support them. As your pets’ needs change over time, consider how you can best ensure their care into the future.

There are two ways to set up your pet’s care in your will: 

• creating a testamentary trust for your pet, or 
• creating a testamentary clause that treats your pet as an initial gift to a named beneficiary.

Testamentary Trust

Creating a testamentary pet trust in your will is one recommended method to provide for your pet. This can be particularly helpful for pets who need extra care or have chronic medical issues. Visits to the vet can get expensive and ongoing financial support is necessary in such cases.

Through this trust, the person you name as the Guardian to care for your pet can receive money to cover the costs of pet care on an ongoing basis, as opposed to receiving a lump sum payment. This means that you can set the terms of the trust to manage the funds as you have directed into the long term to produce regular funds for pet care.

The funds in this trust will not belong to your pet, as under the Wills Estates and Succession Act pets cannot hold property as they are considered property themselves. However, thanks to the testamentary pet trust the Guardian can regularly receive funds for pet care. This means your pets can receive the benefit of the money you leave for them throughout their lifetime.

Initial Gift to a Beneficiary

In your will, you can also leave your pet and an associated sum of money as a direct initial gift to a beneficiary and name them as a Guardian. This empowers them to care for your dependent pet as a Guardian would care for your dependent child if something were to happen to you. 

You should also consider naming a backup Guardian for your pet. This is helpful in case your first choice is unable to care for your pet at the time. This could happen if they are then living in a space that doesn’t allow animals, or if they no longer have the capacity to give your pet the care that they need.

Naming a Guardian For Your Pet

When you do name someone to be your pet’s Guardian, it’s important to talk to them in advance. Consider the needs of your pet and the kind of lifestyle the person leads when deciding who to ask. Make sure your pet and their Guardian are a good fit!

It’s typical to choose a Guardian you already know and trust, and who has an existing relationship with your pet. However, it is a big responsibility to entrust to someone else. It’s important to make sure the person is ready, willing, and able to take on your pet’s care.

Additional Measures

Make sure you organize and store your pet’s information in an easily accessible place for your Executor. Documentation about your pet’s medical history, their veterinary clinic, ID tags, and personalized information such as feeding habits or exercise routine will be very helpful for your Guardian and the Executor of your will.

You should communicate this information through your conversation with your Guardian before naming them in your will. Keep them updated on any major changes to your pet’s health or needs as they arise. It’s also important to have this information available for your Executor so the Guardian receives clear instructions when the time comes.

It is always a good idea to update your will regularly. This could be on a regular cycle of approximately five years, or after major life events. When making the necessary revisions, consider what updates your pet section may need to best ensure your pet’s care. This may mean changing named pets, reconsidering their care structure or the amount to leave for a Guardian, or changing the Guardian as necessary.

At Marigold Law Group, we believe in helping you create a will that reflects your priorities and provides you peace of mind. Contact us today to discuss how we can best set up your pet care and other estate needs into the future.