Category >> Planning for your Pets

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small golden labrador retriever on a silver chain looking to the left

We love our pets. We even sometimes treat them better than other human beings; we spoil them, pamper them, and in some cases, treat them as if they were our children. While many of us include provisions in our Wills for the care and well-being of our pets, some animals (just like humans) have struck it rich. Some pets were lucky enough to inherit vast sums of money ( Here, we take a look at the top five pets that inherited staggering amounts, making them the richest animals in history.

The German Shepherd who is richer than you

The Poodle with an Investment Portfolio

Gigoo

Rags to Riches: The Stray Cat Worth Millions

Blackie: The Cat Who Inherited a Fortune

1. Gunther IV – The German Shepherd

Estimated Inheritance: $375 million

Leading our list is Gunther IV, a German Shepherd. Gunther IV inherited his fortune from his father, Gunther III, who had been bequeathed a vast sum by his owner, the German Countess Karlotta Liebenstein, when she passed away in 1992. With a dedicated staff and properties around the world (including a mansion in Miami), Gunther IV lives a life most humans can only dream of. It’s even rumored that Madonna’s Miami mansion was once purchased by this affluent canine.

2. Toby Rimes – The Poodle with an Investment Portfolio

Estimated Inheritance: $80 million

Toby Rimes, a poodle living in New York, inherited a fortune from Ella Wendel. The tale gets intriguing when we learn that Toby wasn’t the first to inherit this wealth. In fact, he’s the latest in a line of poodles, all named Toby, inheriting the initial fortune. The wealth has grown over time, thanks to shrewd investments.

3. Gigoo – The Clucking Millionaire

Estimated Inheritance: $15 million

Gigoo, a Scots Dumpy hen, was bequeathed a fortune by British publisher Miles Blackwell. While Blackwell and his wife had many animals, Gigoo was the sole beneficiary. This feathery heiress was mentioned in Blackwell’s will, ensuring her future was well taken care of.

4. Tommaso – From Stray Alley Cat to Millionaire Mouser

Estimated Inheritance: $13 million

Tommaso’s story is as touching as it is unbelievable. A former stray found in Rome’s alleyways, Tommaso was adopted by Maria Assunta, the widow of an Italian real estate mogul. When Assunta died at 94, she had no living relatives. Hence, she left her vast fortune to the cat via her nurse, who was entrusted with taking care of Tommaso.

5. Blackie – The Record-holding Feline

Estimated Inheritance: $12.5 million

The Guinness World Record-holder for the wealthiest cat, Blackie, inherited his fortune when his owner, a British antiques dealer named Ben Rea, passed away. Rea left the bulk of his fortune to Blackie, ignoring his own family in the process. Blackie’s fortune was eventually divided among three cat charities which were entrusted with ensuring Blackie’s care.

Pets inheriting vast sums of money is becoming more common. Some are richer than many other human beings. Although pets should be cared for, would you leave everything to your beloved Fido or feline? Everyone wants to make sure their pets are taken care of, but do you think these cases are extreme, or is this something that you would do if you had the money? FormalWill.ca developed Canada’s first and only Pet Will? Visit formalwill.ca to create your Pet Will and ensure that your pets are taken care of.

Pet Planning Agreements: A Comprehensive Guide

Pet planning: as a pet owner, have you ever considered what would happen to your furry friend if you were suddenly unable to care for them? It’s an unsettling thought but one that has a solution: Pet Guardian Agreements. In this comprehensive guide, we’ll explore everything you need to know about these Agreements, from what they are to how they can provide peace of mind for pet owners.

What are Pet Guardian Agreements?

Essential to Estate Planning

How to create a Pet Agreement

When to create a Pet Agreement

What are Pet Guardian Agreements?

A Pet Guardian Agreement is a legal document that ensures your pet’s continuous care if something were to happen to you. These agreements specify who will take over the responsibility of your pet and the care that they’ll provide.

Pet Owner: “I love my dog, but I’m worried about who will take care of him if something happens to me. What can I do?”

Legal Expert: “A Pet Guardian Agreement is exactly what you need! It’s a legal document that outlines who will be the guardian of your pet and how they should care for your furry friend.”

Why Pet Guardian Agreements Are Essential

Pet Guardian Agreements serve as a critical part of estate planning for pet owners. They provide clarity, security, and assurance that your beloved animal companion will be taken care of by someone you trust.

Pet Owner: “I’m leaving for an extended vacation, and I want to ensure my cat is well-taken care of. Is a Pet Guardian Agreement suitable for this?”

Legal Expert: “Absolutely! Pet Guardian Agreements are perfect for temporary or permanent arrangements. They ensure that the chosen guardian understands and agrees to your pet’s specific care needs.”

How to Create an Agreement

Creating a Pet Guardian Agreement is a straightforward process, but it requires careful consideration and attention to detail.

1.Choose a Guardian: Select someone you trust who is willing and able to take care of your pet.

2. Outline Care Instructions: Detail the specific care needs, including feeding, exercise, medical treatment, and more.

3. Login to FormalWill.ca: Using an email and password, login to FormalWill.ca to take you step by step through the process of creating your Pet Guardian Agreement (Pet Will).

4. Sign and witness: Both parties should sign the agreement, and it may be wise to have it witnessed for extra legal protection.

Pet Owner: “I have two dogs with different needs. Can I have different guardians for each?”

Legal Expert: “Yes, you can have separate agreements for each pet, tailored to their specific needs and preferences. A Pet Guardian Agreement offers flexibility to suit your unique situation.”

When to Consider Creating a Pet Guardian Agreement

A Pet Guardian Agreement is suitable for various scenarios, including:

Long-term travel or relocation.
Serious illness or disability.
Elderly pet owners who may become unable to provide care.
Those without close family or friends to assume pet responsibility.

Pet Owner: “My sister is willing to be the guardian of my bird. Can I include financial support in the agreement?”

Legal Expert: “Certainly! You can stipulate financial provisions to assist the guardian with the costs of caring for your pet, ensuring that they have the necessary resources.”

Pet Guardian Agreements offer a solution to a concern that many pet owners face. They provide a legal and practical framework to ensure that your pet’s care continues seamlessly if you become unable to provide it.

Remember, a Pet Guardian Agreement is not only a legal formality but an act of love and responsibility towards your pet. It guarantees that your cherished animal companion will continue to receive the care, love, and attention they deserve, no matter what life may bring.

If you’re interested in setting up a Pet Guardian Agreement or have more questions, don’t hesitate to visit FormalWill.ca. They can help you tailor an agreement that perfectly suits your pet’s needs.

In the words of a satisfied pet owner: “The Pet Guardian Agreement gave me peace of mind, knowing that my best friend is in safe hands. It’s a must for every responsible pet owner.” Use FormalWill.ca to assist with your pet planning needs.

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

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.

The cat heiress of Karl Lagerfeld

Karl Lagerfeld, the late fashion designer, left part of his $195 million dollar fortune to his gorgeous cat Choupette.It is becoming more common for people to include their pets in their wills and estate plans, including leaving them money or other assets. In the past, pets were often treated as property, but attitudes toward pets have changed, and many people now view their pets as valued members of the family.

When people leave money to their pets in their wills, it is better to do it through a pet Will. The Pet Will specifies how the money is to be used for the pet’s care and well-being, and names a trustee who will manage the trust and make sure that the pet’s needs are met.

There are some legal considerations to keep in mind when leaving money in a pet Will. For example, while pets cannot inherit property directly, a trust can be set up to hold assets for the benefit of the pet. It is also important to choose a responsible trustee who will manage the trust properly and ensure that the pet’s needs are met.

Overall, leaving money to a pet in a pet Will can provide peace of mind for pet owners who want to ensure that their beloved pets will be taken care of after they are gone.

The soon to be millionaire cat heiress currently has 235,000 Instagram followers, maids, and a bank account with $3 million dollars in her own name.

Lagerfield’s love for his cat knew no bounds; every hour while travelling Lagerfield would demand a picture of Choupette be sent to his phone. He wrote a book about caring for Siamese cats and dedicated it to her. A line of makeup is based off of the beloved feline. Fashion accessories and handbags are also modeled after her and sold on the Lagerfeld website. That feline is rolling in dough!

Sounds like this cat has everything right?

What’s the one thing she doesn’t have? A Pet Will!

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