During the pandemic many have expanded their families with the addition of a four legged friend.
With people spending more time at home and not spending their money on the likes of holidays the UK has seen a soar in demand for kittens and puppies. The RSPCA has reported that the number of people looking for puppies online during recent months soared by 650% and imports of dogs doubled.
Pets can bring much joy and enrichment to family life but they do come at a cost. The average upkeep cost for a cat or dog is around £1,000 a year increasing to upwards of £3,000 for a horse.
It is therefore important to give consideration to these extended family members when thinking about your Will.
You can make provision in your Will for your pets to be gifted to specific family, friends or even animal shelters. You can also make financial provision for them to ensure that their new owner can afford their care.
Unfortunately death is not the only time that your pet may need to go into someone else’s care. Mental incapacity or sudden illness could create care issues for your pet during your lifetime. You can prepare for this by putting in place a Lasting Power of Attorney including clear guidance concerning your pets care.
So when making or reviewing your Will or Lasting Power of Attorney don’t forget to consider your furry companions.
If you would like to discuss Wills or Lasting Powers of Attorney please contact Hannah Green or Jeremy Duffy in our Private Wealth Team.
The contents of this article are intended as guidance for readers. It can be no substitute for specific advice. Consequently we cannot accept responsibility for this information, errors or matters affected by subsequent changes in the law, or the content of any website referred to in this article. © Mundays LLP