Initially, it may sound a bit strange, but when you make a mind of it, accounting pets in your will (actually) makes a lot of sense. After all, they’re also a part of a family for many people residing across the world. It’s only that you want to ensure the animals are properly looked after if you’re not with them anymore. It’s in the U.S, pets are mentioned in maximum wills and recently, it makes the world-wide record.
As per a study, around 9% of all cat owners in the United States actually have pets mentioned in their wills, which is a 3% increase in the last two years. The same figure is registered for the dog owners, and it has increased to 4%. There is no (probably) sign of dropping in the percentage, and hence we may start watching pets become common in wills.
It is important to understand the exact course of making pets as legal heir. It involves a lot of information that leads to a right set of thoughts about the care one pet needs. There are solicitor companies to be consulted if this thought needs to be put forth in execution with the will. Blissfully, in 46 states around the globe offers a provision known as a pet trust. It is particularly designed to ensure that the money left for a pet is consumed properly to look after it. And a pet has to be cared until its own death.
The state law considers pets to be the property, but assets can’t actually be left for them directly, so in such a case people leave money to an appointed caretaker. But it may lead to a problem where there is no legal binding on the caretaker to keep the pet, or even to employ the money towards the due care.
An actual pet trust is handled and managed by a trustee, who is under a legal obligation to act in the interest of the pet – cat, dog or what so other animal is there. They ensure the designated caretaker is executing their job, and in many cases, they (trustee) also acts as a custodian.
Also, these plans are not only restricted to super-rich individuals, but several normal earners may leave enough food and vet bills for when they’re either died or incapable of taking care.
So, here is all the necessary information you can read before penning down your will. If you love your pet as much as you love your family, and wish to repay its faithfulness even if you die, mention it in your will without a doubt.
Pets are utmost lovable creatures that understand our emotions and become an integral part of our family. And hence they have a right to get a share in your wealth too.