Wills – Leaving money to pets
This month I want to chat about Wills and your pets.
“Can I leave money in my Will to my pet?”. Well, the answer is – “yes” and “no”. A lawyer’s answer, I hear you grumble.
According to the law you own your pet. It is your personal property. So leaving money directly to a pet in a Will is like giving money to an item of personal property, like to your favourite teddy bear. Now that makes sense, right? In other words, it cannot be done.
You can however make provisions in your Will to provide financially for your pet for its lifetime. You can:
Oh and in case you are interested to know about the world’s richest cat…….the richest cat is reported to be a 4-year-old stray cat. The seemingly very lovable Tommaso inherited $13 million (AUS). Let’s hope he doesn’t change now he has all that money! (Source ABC News 13 Dec 2011.)
CAUTION: This article contains general information of public interest only and is not intended to be, nor should be relied upon as, legal advice specific to the reader’s personal circumstances. Should you have a legal matter, please seek professional advice before acting or relying on this content.