A Tail of Fortune: The truth about Gunther’s Millions and how to protect your pet’s future in your Will

The Will appointed friend of the Countess and successful pharmaceutical entrepreneur Gabriella Gentili as caretaker of the trust fund but it was Gabriella’s son Maurizio Mian who took on the role.  The series tells us of the lavish lifestyle afforded to Gunther by the trust, with the purchase of yachts and properties for his benefit, including a $7.5M mansion from Madonna!

Spoiler alert! –  all was not as it seemed – the Countess never existed, the fortune actually came from Gentili’s business and the original Gunther belonged to Mian’s ex-girlfriend.  The Gunther trust was nothing more than a publicity stunt and potential tax fraud scheme.  The show got us thinking more widely though about provision for pets within Wills and what can be done to ensure that our much loved furry friends are taken care of our after death.

Deciding on the best way to provide for your pet through your Will may depend on a number of factors such as age, life expectancy and current health of the animal, as well as the ongoing financial cost to feed, insure and pay any vet bills.  Depending on the type of pet, if it is something more unusual, you may also need to consider whether your intended recipient has the necessary knowledge to look after the animal and, if applicable, the ability and time to take it for exercise.  For example, although it might seem obvious, if your pet is a Great Dane pup, it might not be the best idea to leave it to your elderly Aunt Josephine, who lives in a one bedroom flat without a garden!

There are various ways in which you can provide for your pets in your Will:

• Firstly, if you are not sure whether any of your friends or relatives are in a position to rehome your pet, you could leave the animal and a cash sum to your executors with a request that they deal with both in accordance with a letter of wishes. The letter of wishes should set out who you would like to look after your pet and what should happen if no one is willing to accept it. This places an ongoing duty on your executors to see to the animal’s welfare.
• Another option, if you have someone in mind that you would like to take ownership for your pet after you die, is to leave your pet and a cash sum to a named person with the proviso that they must undertake to care for the animal. If they do not agree to look after your pet, they would not receive the cash sum and you can include alternative provisions on who should care for your pet in this scenario.
• Finally, you could leave your pet and a cash sum to an animal charity, with the direction that the charity shall find the animal a suitable home. A benefit to this type of gift is that if the charity is a qualifying UK charity, the gift will be free of Inheritance Tax.  It also alleviates the executors of any ongoing duty to see to the animal’s care.

Whichever type of gift you include within your Will, you also need to consider whether the gift applies only to your current pet or to any pet that is alive on your death.  For example, the Gunther Trust provided for Gunther III i.e the current dog, plus Gunther’s bloodline.

If you want to provide for your pets in your Will and are not sure which approach suits you best, please get in touch with the Wealth Preservation team, and we will be happy to discuss this with you.