If your pet is not just an animal but a part of your family, then why don’t you plan for their future like they are one too?
Pets provide companionship, unconditional love and are an important part of their owner’s daily life, yet many pet owners overlook one critical question: who will care for my pet if I’m no longer able to?
Why Estate Planning Matters
Pet owners know that their furry, scaled or feathered family member requires plenty of care, treats, and visits to the veterinarian. This comes with significant responsibility and cost. Without proper estate planning, your pet may end up in the care of someone who isn’t prepared or in a shelter.
Estate Planning Options
In Ontario, pets are considered property and can’t inherit directly from your estate. However, naming a person to care for your pet and directing a sum of money to the caregiver can be a good solution to ensure your pet’s needs are taken care of after your death.
It may be advantageous to go further and set up a trust where one or more trustees are appointed to manage the trust’s funds according to your instructions and a caregiver is the beneficiary who uses the funds to care for your pet. The trust can be structured to adapt to the care needs of your pet.
Regardless of which route you take, it is important to seek the advice of an estate planning lawyer to ensure your intentions are properly implemented and your pet’s future is secure.
Planning for your pet’s future is an act of love. Whether you have a cat, dog, parrot, tortoise, or horse, proper estate planning can ensure they receive proper care for not only your lifetime, but also the rest of theirs.
Protect every member of your family—including the four-legged ones. Contact our estate planning lawyers today to discuss how your Will or trust can help ensure your pet is cared for according to your wishes.
At Mills & Mills LLP, our lawyers regularly help clients with a wide range of legal matters including business law, real estate law, estate law, employment law, health law, and tax law. For over 140 years, we have earned a reputation amongst our peers and clients for quality of service and breadth of knowledge. Contact us online or at (416) 863-0125. The material provided through the Mills & Mills LLP website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind.
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