Many people today have a pet and rightly have concerns about their pet’s welfare in the event of their death.
A pet trust can ensure the future wellbeing of a pet as well as be a valuable contribution to a pet charity or animal sanctuary.
An amount of money may be set aside for the sole benefit of a surviving pet for welfare, care, veterinary fees etc.
The executor/trustee would look after the legacy in your Will thus ensuring the trust was spent for the sole benefit of the named pet.
On the death of the pet, any amount left in the trust would be distributed as per the residue or to a named beneficiary.
This beneficiary could be the person nominated to look after the pet or alternatively an animal home or pet charity.
Example: Janice Smith is a widow and lives alone apart from the company of her 2 cats.
She is very concerned about their care and welfare when she dies and wishes for her friend to look after them when she has gone. She calculates that the cats cost around $40 a week and that if they live a long and healthy life they have at least 10 years left.
$40 per week x 52 weeks = $2080 x 10 years = $20,800
She also wishes to leave her friend $1,000 as a gift for looking after them and her friend can have the balance of the money when the cats pass on.
N.B. This is an example and of course, there are many variations, the pet could be a dog, horse etc. and the person nominated to look after them could be an animal Sanctuary or Charity.
For further information contact our team on (08) 9368 1337
Information provided by Willcraft Estate Planning Pty Ltd, An Incorporated Legal Practice.