Animals are an important part of our lives. They’re with us through the best of times, the worst of times, and even in our final moments. But what happens to our furry friends after we’re gone? And who gets to decide where they live?
In addition to the numerous financial related tasks, executors are faced with the difficult and heart wrenching task of finding a new home for animals that are left behind. And despite the best of efforts, some animals end up in the local shelter. Professional executors are accustomed to managing estates that hold pets, livestock, and even wild animals – here are a few of their stories1.
The Banker
Shelley lived alone with her two cats, Jack and Jill. She had no family nearby and enjoyed most of her days inside her home reading, knitting, and watching television. Shelley sadly passed away in her sleep and was found two days later, along with her two very anxious cats. With no family nearby, and no written direction in the will regarding the animals, the executor had to decide where Jack and Jill should live.
With the last resort being an animal shelter, the executor asked close friends and beneficiaries if they were willing to give the cats a new home. In the end, however, it was Shelley’s long time banker that welcomed the cats into his home – which created a whole new definition of client centric service.
Pro tip: make a plan for your pets or leave direction to your executor in the event of your untimely death.
The Trust Fund
Perhaps the luckiest dog in the world, Jake, belonged to a loving couple living on the outskirts of the city. When Jake’s owners passed away in an unfortunate car accident, the executor looked to the will for any direction with respect to a potential new home for Jake. In addition to appointing a friend to take ownership of Jake, the couple also left behind a significant trust fund to care for Jake’s ongoing expenses. The couple provided specific details of how Jake should be cared for, including grooming frequency, brand of food, and his favourite dog walking service. Not every dog owner goes to such lengths, but this does prove that a will can be customized and provide support for the people (and pets!) you love most.
Pro tip: consider leaving a small cash legacy to the person who assumes care of your pet after you’re gone. It will help with ongoing pet expenses and ensure your pet receives the same standard of living it is accustomed to.
The Cows are Hungry
As an executor, you may have to deal with real estate, financial and corporate assets, and perhaps the odd valuable painting or collectable sports car. But sometimes being an executor involves much more – like making sure livestock have enough to eat.
After the sudden death of a ranch owner, the two named executors had to take immediate action to ensure one of the most valuable estate assets – livestock – were cared for and maintained. The very first steps involved attending the ranch, hiring ranch hands, providing oversight and management of the property, and yes, making sure the cows had enough to eat. The executors maintained the ranching operations until they were in a position to sell the livestock, and later the land.
Pro tip: choose an executor that can manage sensitive and urgent assets. Executors don’t need to be experienced in farming, or other businesses that you may own, but they do need to know how to assemble the required professionals to protect your assets and maximize the value of the estate for your beneficiaries.
About Guardian Estate Company
We are in the business of creating customized estate solutions and have access to the best professional executors in the Canadian market. If you are interested in appointing a professional executor, or simply wish to learn more, give us a call or send us an email. We’d love to have a chat.
(1) Names and certain details have been altered to protect the identity of the individuals involved.
The above is for informational purposes only. It is not intended to be legal or financial advice. We accept no liability for any losses arising from use of the above information. We recommend you speak to your lawyer to obtain specific advice or guidance regarding your unique situation.