FINANCIAL WELLNESS COACH: How to plan for your pets’ care after your death

Essential steps include choosing the caregiver, updating your will with care instructions and calculating necessary funds for your pets’ care.

I constantly worry about whether I have done everything correctly for my two pets after my passing. I have no family in South Africa, and I would like guidance on how to make sure my pets are cared for. What should I consider, and what is the easiest way to have a lump sum set aside for each of the two pets for their care and vet costs until their deaths?

Your anxiety is completely understandable. Pets play an important role in our lives and we want to ensure that they are properly cared for should we die before them.

The first important point is that, in South African law, pets cannot inherit directly. You cannot leave money to your dog or cat in the same way that you leave money to a person. This means the planning has to be built around people, instructions and money.

This person needs to be chosen carefully. They must be willing, capable and suitable. Ideally, you should identify a primary ­caregiver and a backup caregiver. If there is no suitable individual, then you can speak to animal welfare organisations, breed-specific rescue groups or reputable sanctuaries. Some organisations may be willing to assist, but they should be approached in advance. Do not simply name an organisation in your will without confirming that it is prepared and able to help.

Your will should specify who gets the pets and whether a cash amount will be paid to that person for their care. The wording must be clear. For example, you may leave each pet to a named person, together with a fixed amount to be used for food, vet costs, grooming, medication, insurance and general care.

The risk with a simple bequest is that once the money is paid to the caregiver, it may be difficult to control how it is used. In most cases, it works if you trust the person. If the amount is large, or if you are worried about oversight, then a more formal structure such as a trust may be needed.

A testamentary trust is created in your will. You could leave a sum of money to it with instructions that it must be used for the care of your pets. A trustee would then manage the funds and pay the caregiver or service providers as needed. It is more formal and comes with administration and costs.

Start with the current annual cost of each pet. Include food, treats, vet check-ups, vaccinations, chronic medication, grooming, pet insurance, boarding, bedding and emergency vet bills. Then multiply this by their likely remaining lifespan and add a buffer.

For example, if a pet costs R2,500 a month to care for, that is R30,000 a year. If the pet may live another six years, the base cost is R180,000. You may then add an emergency medical buffer for unforeseen vet costs. You need a sensible estimate that gives the caregiver enough money to take care of the pet properly.

This is separate from your will. A will deals with the legal transfer of assets. A care letter deals with the day-to-day practicalities.