This is a question I am asked fairly often – after all our pets are part of our family aren’t they?
However, the law states that you can’t leave money to a pet – this is because a pet is considered to be ‘property.’
However, if you wish to include your pets in your Will there are things you can do.
You could set up a simple trust, with the income going to support them during their lifetime.
The capital can go to another beneficiary, an animal charity for example, after their death.
The trust’s income and capital gains would be subject to tax, and you would need to find someone to act as a trustee.
Another option is to leave your pet with a cash sum to a named person – someone you can trust to give them a good home!
Or you could leave them with a cash sum to an appropriate animal charity, runs a re-homing programme.
The RSPCA provides a clause on its website for this very purpose! Here’s a link to their scheme –http://www.homeforlife.org.uk
It’s really important to make arrangements for your pet in your Will because if you don’t your executors will have to decide what to do.
