CBC | Radio | Cost of Living
By Adam Killick, November 10TH, 2024
Many people don’t realize that pets are considered property in wills. Experts suggest including a detailed plan and money in your will to make sure your pet gets proper care by someone you trust.
Pets are expensive, so have a plan. In Canada, owning a dog costs around $4,000 a year. Food alone can cost more than $1,000 annually, and then there are veterinarian bills and other unexpected expenses.
Make sure your beneficiary knows what they’re in for.
Most people know they should have a will to make sure it’s clear how their estate will be divided after their death. But they may not realize that pets are considered part of that estate, and can’t be heirs in their own right.
Jonathan Ng, Underwood Gilholme Estate Lawyers, Calgary
However upsetting it may sound, estate law in Canada is clear: “pets are considered personal property”… You cannot say, ‘I give to Fluffy $10,000.’ Fluffy is, unfortunately, like a Chesterfield or a necklace.
And it may not be enough to simply designate a beneficiary to take over caring for a beloved pet. Unlike that necklace, pets cost money to care for, so it’s important whoever ends up with your pets has the resources to properly provide that care.
