It will likely not come as a surprise to you that we have a love for animals. Hence our trusty pug friend that makes an appearance on a regular occasion on our social media feeds (feel free to follow us by the way on Facebook, Twitter, Instagram and LinkedIn).
A pet is an extension of your family – there for you in the good times and the bad. So does this mean you can leave everything you own to your beloved fur baby?
- Sadly, no, you can’t leave everything to your pet as they are considered property not people in Canada.
- However, you can create a trust in your will with funds being made available for the care of your beloved companion. This will ensure that your pet is well taken care of after you are gone.
What happens to this trust after your pet dies?
- You want to ensure that you plan accordingly in your will so that you direct where any remaining funds will go after your pet’s passing.
- Perhaps the excess funds are donated to one of your local animal rescue organizations in your pet’s honour. We are sure they would appreciate the love.
We know that some people don’t like to talk about estate planning, but we also know it’s kind of inevitable. So if you have questions about what you’ll do with Fido, or any other estate questions, feel free to reach out to our Estate Planning team at JMH & Co.