Pet ownership during the pandemic – why you need a Pet Will!
Pets

A pet Will is a legal document allowing an individual to specify how they want their pets to be cared for after their death. This document allows one to appoint a caregiver for the pet(s) and specify the terms of care, including provisions for feeding, housing, medical treatment, and other needs. It can also provide financial resources to cover the costs.

These types of Wills are typically created as part of an individual’s overall estate plan and are intended to ensure that the individual’s furry friends are provided for in the event of an individual’s death. It is important to carefully consider your furry friend’s needs and to choose a reliable and responsible caregiver to ensure that they are well taken care of. Everyone loves their dogs/cat/birds, etc., but we don’t think about planning for them in the same we do as, for instance, our own children. Why not have a document that protects them in the event of our death? That’s where these legal documents come in. 

Pet ownership in Canada  rose by 40% during the pandemic. 31% of those who adopted pets were first-time pet owners. 3 in 10 Canadians adopted a pet during those trying times.  Have you thought of the reasons as to why you need to plan for your pets if you die or wind up in an accident? Just like having a Last Will, documentation for your pets, planning for your pets to be taken care of, etc., are all important. What questions do you need to consider when you need to do pet planning?  Pet planning is far more thorough and complex than you might think: you need to plan out who your pet guardian(s) are going to be, how much money you need to leave behind for your pets, vet care, medical treatments, etc. You can start with the whole (thorough) process here.

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Aaron Carter died without a Last Will and Testament

A Last Will and Testament is an important legal document that outlines how you want your assets to be distributed after you die. It can also include provisions for the care and custody of minor children, the appointment of a personal representative to manage your estate, and other matters. Everyone knows why it’s important, and yet, as we have previously seen, in the case of major celebrity deaths (Amy Winehouse, Prince, etc.,) is that not having the proper legal document in place leads to constant squabbling in court, battling it out over money, etc. 

This latest death with Aaron Carter is no different: the 34-year-old American singer and rapper died in November 2022 without, you guess it, a Last Will after his death. Carter, who is the younger brother of his more famous Nick Carter, from the 90’s boy band, Backstreet Boys, had amassed a fortune of his own. At the time of his death in November 2022, details of his death were not released. 

 His fortune was less than what many would have expected from the brother of Nick Carter, but still enough to live comfortably. Carter unfortunately ignored the advice given to him by his lawyers: to have a Will drawn up. For someone with a fortune of around $400k, having a Last Will and Testament would have been prudent. Perhaps like many other celebrities we have reported on, Carter believed he was either too young or too busy to draft one up? Aaron is lucky that his loved ones aren’t fighting it out in court. The only one that his fortune really concerns is to ensure that his 11-month-old son, Prince Lyric, will be taken care of. You can read more about Carter’s case here. 

 

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Invest backwards – planning for Childfree Couples

Many Millennials and members of the GenZ generation often feel as though they don’t have enough assets to bother getting a Last Will. This is a large reason as to why many remain childless: the cost of everything is rising, and so married couples choose not to have children (this is part of the reason as to why they’re not having children). This is an article that mostly pertains to U.S. citizens but also applies to Canadian couples who are childfree. We’ve previously posted about childfree couples and estate-planning, which you can read here. We’ve come across come more helpful tips when it comes to estate-planning for childfree couples. Did you know that “investing backward” is a thing? Here are three helpful tips that may help you if you’re stuck in this situation and are looking to invest and acquire more income:

  1. Prioritize flexibility when it comes to your lifestyle: do you need a house in the suburbs if it’s just you and your spouse, or would a small apartment work for the two of you? Or, can you work remotely anywhere? This could impact your housing costs and if you work remotely, you may want to take advantage of the different housing costs that vary from state-to-state (or province-to-province).
  2. Invest backwards: this tip is definitely for couples in the U.S. who are childfree and looking to create retirement accounts, focusing on a taxable brokerage might work best for you. 
  3. “Who will take care of us when we get older?” That’s something that you may want to think about as you and your spouse get older. How will you plan for long-term care if you don’t have children to help look after you? Have you ever heard of long-term care insurance? Only 2.5% of childfree couples in the States have received money from friends or family, so there needs to be a long-term plan for retirement and investment. 

You may want to read more about how childfree couples can invest in both their financial and retirement planning, here. 

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Managing your emotions while planning your Will

Anger. Guilt. Sadness. Are these emotions that come to mind when it comes to Will planning? It’s not uncommon for people to feel emotional when planning for their will. This can be a difficult and emotional process, as it involves thinking about one’s own mortality and making decisions about how your assets will be distributed after you’re gone.

Some common emotions that people may experience when planning for their will include:

  1. Sadness: Thinking about your own death can be a difficult and emotional experience, and it’s not uncommon for people to feel sadness when planning for their will.
  2. Anxiety: Making decisions about how your assets will be distributed after you’re gone can be stressful and may cause anxiety.
  3. Guilt: Some people may feel guilty about certain decisions they make in their will, such as disinheriting a loved one or leaving more to one person than another.
  4. Relief: For some people, the process of planning for their will can be a relief because it allows them to take control of their affairs and ensure that their wishes are carried out after they’re gone.


If you’re feeling emotional while planning for your will, it’s important to take care of yourself and seek support if needed.

Now that that’s out of the way, here are some things to consider when it comes to managing the emotions of others, when planning for your estate:

  • Talking to a loved one or a family member about being an Executor.
  • Once you have named who gets what in your Last Will, you should outline who gets whatever remaining items are leftover
  • Do you have backup beneficiaries for the items you want to list in your Last Will? You may want to think about that

Find out more about what you may need to know about Wills by clicking on the link below and checking out the interesting video on Wills and Estate Planning that you might want to watch. It’s a video that is mostly geared towards citizens in the U.S., but the advice is always helpful for everyone. 

What would you like to know about what goes into a Will?

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