But… pets! Who can resist the thump of an excited tail or a cat’s resonant purr? It just might be enough to pull the gloomiest Canadians out of their melancholy long enough to finish writing their will. In fact, as new data from online estate planning platform Willful shows, pet owners complete their estate plan at almost three times the rate of non-pet owners. The reason? They need to know that their pets are protected and cared for after they’re gone.
If you’ve been putting off writing a will, think about Mittens or Scout and set aside April 11, National Pet Day.
Some ruff numbers
Willful’s data, which is based on more than 44,000 completed wills from users across Canada, shows a strong national trend. About a third of Canadians (36%) set aside money for the guardians of their pets in wills—and they’re leaving thousands of dollars.
The cost of care
Unlike with other inheritors, with pets a person can be reasonably sure about what the money will fund: their pet’s protection and care. (Plus chew toys, an elf costume, or the occasional salt lick.) Arriving at the right amount depends on a variety of factors: type, age, and number of pets, complexity of care, and even region.
Dogs make up 57% of all pets named in wills. “Best friend,” indeed. Cats come in second (not that they care) at 38%. Unsurprisingly, dogs and cats account for the majority of animals set to inherit, but birds and horses also feature prominently in Canadians’ final wishes.
Have a personal finance question? Submit it here.
According to Willful, the average trust is $11,121 per pet, but there are variations. Horse inheritances average out at $21,876, a reasonable sum to prevent guardians from being saddled with equine expenses. Bird owners bequeath $12,133 on average, which seems high to non-initiates but makes perfect sense if you’ve ever spent time with a macaw. Trusts by dog owners ($11,705) almost equal the overall average. (The average cat trust isn’t available, which seems a little on the nose.)
Also interesting is the regional breakdown. While owners in Calgary ($4,714) and Toronto ($4,892) set aside similar amounts, the average in Vancouver is $6,070, which suggests that the housing crisis extends to cat condos.
Why writing your pet into the will makes purr-fect sense
Crazy cat lady jokes aside, there are some very good reasons to provide for your pet in your will.
X
Generally speaking, most Canadians leave the care of their pets to family members, with children being the most often appointed guardian. Living with an animal has enormous benefits—but there are costs to care. Providing generously relieves the financial burden and lessens stress during a chaotic transition.
Another consideration is that while animal companions are loved ones, unlike human successors, they’re considered property. This means that without express wishes, they can be bought and sold, or even euthanized.
Five steps for Fido’s future
Caring for an animal is a life-long commitment—theirs, not yours. Luckily, providing for your pet after death is a pretty simple process.
1. Make a legally valid will. The will must be written (you can use an online tool to prepare it), stored as a physical document (printed out is fine), witnessed by two people of legal age, and signed by the witnesses and a testator.
2. Choose a pet guardian. The person you name as a guardian for your pet should be reliable, stable, and able to look after your companion. Bonus points for letter carriers, bookstore owners, and vets.
3. Decide on and set aside a cash amount. Being named as a pet guardian shouldn’t be a burden. Come up with a figure that will realistically cover the animal for the remainder of its life, and then add a bit for treats.
4. Document your pet’s care instructions. Inheriting an animal can be bewildering. Do your guardian a favour by detailing your pet’s preferences, habits, and care needs. Write down where the best scritching is, number-one treats, and their favourite soap opera. Don’t be shy (these are your final wishes, after all).
5. Appoint an executor. Simply put, an executor makes sure the things you say in your will actually happen. This person will be responsible for getting your hairy heir to their new home.
