Legal News | 28.04.22

Pets are for life, not just for Covid

It is estimated that 3.2 million households have acquired a pet since the start of the pandemic. Whilst they are great company for working from home, few pet owners have considered who they would want to look after their furry friends in the event of their death.

If you wish to make pet-friendly provisions in your Will, there are a number of ways in which this can be achieved:

1. Gifts – a gift of pets can be included in your Will to one or more named beneficiaries, and you might want to consider adding cash to the gift as well to cover animal upkeep;

2. Letter of Wishes – though not legally binding, a letter accompanying your Will can set out details as to how you would like your pets looked after following your death;

3. Creation of a Trust – a more complex structure may be suitable if there are multiple and or high-maintenance pets. This involves leaving funds to named trustees to be used for the care of specified animals. However, trusts can be complex and have their own implications (tax and administration); therefore specific advice should be taken;

4. Charity schemes – a number of charities offer schemes under which they will take your pet in after your death, care for it and re-home if appropriate.

NB. Trust Registration Service
If you are the trustee of a trust, now is the time to check whether you need to be registering the trust with HMRC’s Trust Registration Service (TRS). Following the recent introduction of the 5th Anti-Money Laundering Directive (5MLD), with a few exceptions, all non-taxable express trusts are now required to register. If you are unsure as to whether your trust requires registering, please get in touch as we can help.

Please contact wealth@wansbroughs.com for more advice.