If your dog could write your estate plan, it would almost certainly start with the important questions: who knows the preferred walking route, who can be trusted with dinner, and who understands that forgetting to bring the tennis ball to the dog park is simply not optional. We hear you, Scruffy.
For many Australians, pets sit firmly inside the family circle, but when it comes to estate planning documents, household pets may not even get a mention.
At this point – if your beloved pet could talk – it might want to remind you that estate planning isn’t just a legal or financial exercise, but that, at its best, it’s a plan for continuity that can bring comfort and care for those left behind when life no longer follows the script. (Scruffy would earn a treat for that one.)
The point is, if a pet’s human carer died or no longer had the capacity to look after them, a well-considered estate plan would identify who should take responsibility for them, how ongoing costs might be met, and what practical notes could make for a gentler transition. These details may seem small, but they can spare a lot of heartache, confusion and overwhelm that can come when decisions are unplanned, rushed or emotional. (Scruffy may not use those exact words, so reminds you the dog park is waiting…)
…But there’s another benefit that can come when people start to think about their pets in their estate plans; it can encourage them to consider other important questions, like: who would manage the bills, support the children, make medical decisions, or keep the household functioning?
A thoughtful estate plan protects more than assets; it protects the people, and pets, that you care about. (Scruffy agrees: ‘…and don’t forget the tennis ball.’)
Ok, so your dog can’t talk to you about planning your estate, but we can. For professional financial advice, call me at Align Financial on (02) 9913 9995.
