The fur-gotten dependent: research reveals a common disconnect in estate planning
Taylor Swift's cats have trust funds, but more than half of Aussie pets don't even have a nominated guardian.
That's the latest research from Will platform, Safewill.
The data showed that 57% of pets were left out of their owner's Wills, while nearly three in four respondents agreed it was incredibly important for their pet to receive proper care after they pass away.
"This data demonstrates that people are simply forgetting to write a Will, or include their pet, which they think is harmless," said Safewill Principal Solicitor Isabelle Marcarian.
But without a legally nominated carer, pets are often placed in rescues or become the subject of family disagreements about responsibility. Having clear instructions for your beloved pets is essential to ensure their wellbeing."
For pet owners in the midst of estate planning, Marcarian has shared practical advice to ensure your best mate doesn't get left behind if the worst should happen.
- Nominate a carer in your Will. The easiest way to ensure your pet receives the care they deserve is to choose someone to care for your pet. Just ensure they're on board with the idea, first!
- Set aside a sum of money dedicated to their care. Your pet can live on for many years after you pass away, which means the cost for food, grooming, vet bills or pet insurance premiums can add up. Stashing cash away for this can ease the burden for their new carer later on.
- Regularly update your Will. Circumstances can change quickly and if your nominated carer becomes unable to fulfil their responsibilities or you add another furry friend into the mix, ensure your Will reflects this.
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The extra layer of protection to consider
While nominating a "pet godparent" in your Will ensures your furry friend has a home, pet insurance ensures they remain happy and healthy.
Even with a carer, the sudden financial burden of a pet's medical needs can put a strain on the new arrangement.
Having the right pet insurance policy in place can make all the difference during your estate planning.
Take the next step to keep your best friend safe and sound by comparing pet insurance deals today.
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