Anyone with young children has probably considered what might happen in the event of one or both parents passing away prematurely. There are many questions to think about. Who should take care of the kids? Have the guardians you’ve named accepted the responsibility? Is there enough in your estate to care for them until they’ve launched? 

Ideally, you’ve already thought through these and officially documented your wishes in a will. But have you also thought about what should happen to your pets? Most pet owners consider their animals a treasured member of the family and treat them as such. So they also deserve special consideration in your estate planning. 

Willing money or property to pets has become increasingly common in the last few decades, with some posh pets even making headlines when their famous owners bequeathed millions to them in their estate. Michael Jackson left his chimp, Bubbles, $2 million, while real estate mogul Leona Helmsley left her dog, Trouble, $12 million. Oprah Winfrey has reportedly already set aside a trust fund worth $30 million for the benefit of her dogs upon her death.

As extreme as the above examples are, many want to ensure the future care of their furry friends. The sad truth is that pets without a formal plan can end up in a shelter. Many believe that someone will step up to the plate to look after their pets, but it’s a risky assumption. Even if a relative wants to help, they might not be in a position to do so.  

So how do you ensure your beloved pet is provided for after you’re gone?

In Canada, pets are considered property, so they cannot be named directly as a beneficiary in a will because they do not have the legal capacity to receive gifts made in wills. Having said this, it is still important to have a plan. Planning for your pet does not necessarily mean leaving a chunk of your wealth to provide for their needs. It can be as simple as ensuring they will be properly taken care of in the event that something happens to you or your family.