{"id":167301,"date":"2024-11-03T19:40:06","date_gmt":"2024-11-03T19:40:06","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/03\/where-theres-a-will-theres-a-way-to-care-for-pet-heirs\/"},"modified":"2024-11-03T19:40:06","modified_gmt":"2024-11-03T19:40:06","slug":"where-theres-a-will-theres-a-way-to-care-for-pet-heirs","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/03\/where-theres-a-will-theres-a-way-to-care-for-pet-heirs\/","title":{"rendered":"Where there’s a will, there’s a way to care for pet ‘heirs’"},"content":{"rendered":"
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Bengaluru | Mumbai: Late industrialist Ratan Tata’s will<\/a> to ensure ‘unlimited’ care for his pet dog Tito is likely to trigger a ‘pawsome’ trend – more and more pet parents making provisions for their furry companions on their posthumous wish lists.<\/p>\n

While queries on these lines have been coming in for a while now, the trend is still at a nascent stage in India. Tata’s move, say lawyers, will generate much more awareness about the issue, prompting more people to follow suit.<\/p>\n

Pets are not recognised as people capable of holding property or inheriting the estate of another person – they are deemed to be personal property. Therefore, while many Indians see their pets as their children, Indian law<\/a> still doesn’t. Hence, the law doesn’t allow for either leaving anything to pets as a bequest; or creating a trust with a pet as a beneficiary.<\/p>\n

Law firm Cyril Amarchand Mangaldas gets a lot of enquiries from people, mainly those who are single or elderly, about pets they are very attached to, said partner Shaishavi Kadakia.<\/p>\n

“There are ways to address this, but these methods are not fool proof,” she said. “One can leave something to a caretaker to take care of the pet, as has been the case with Ratan Tata. Or, if the pet is going to a shelter, one can give money to that. The executor of the will can be asked to keep track, but human intervention is needed and there are no guarantees.”<\/p>\n

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A report by consulting firm Redseer released last week estimated that pet owners (or pet parents) in India on an average spend close to Rs 50,000 per year on pet-care products and services, which accounts for 5-8% of their household income. India’s pet care market is estimated at close to Rs 6,500 crore.Ishika Tolani, a Mumbai-based independent advocate practising family and estate laws, said a couple recently sought advice to structure their will in a way that if anything happens to them, their pets – two cats and two dogs – are taken care of, including for the visits to a veterinary doctor, regular spa for the dogs and also occasional spending on upgrade of their accessories.”We have received over a dozen queries after the news about late Ratan Tata’s will,” said Tolani.<\/p>\n

The top two areas where pet parents spend are healthcare such as vaccinations and consultations, accounting for 30% of the annual spending, followed by grooming services that take another 25%, the Redseer report said. This was followed by spending on accessories, pet day-care and walking services.<\/p>\n

India as a country is becoming a lot more sensitive to pets, said Divi Dutta, partner at law firm Khaitan & Co. “Many don’t make provisions for pets; so, consultants must make it a point to include this aspect in the discussion. This has also been a learning lesson for many advisors.”<\/p>\n

Echoing Dutta, Jatin Popat, founder of online will-writing company WillJini, said he too is witnessing a constant rise in the mentioning of pets in wills. “We had a client, a woman, who created a private trust and transferred some funds into the trust for the care of the pet and also made one of the street dog shelter\/rescue NGOs a beneficiary,” said Popat.<\/p>\n

The trend is still restricted to metros, with most queries coming from Mumbai, New Delhi, Bengaluru, Gurgaon and Pune for WillJini.<\/p>\n

Nikhil Varghese, cofounder of legal-tech startup Yellow, said there has been a rise in queries particularly from metros, prompting the company to come up with blogs and Insta reels to generate awareness around the issue.<\/p>\n<\/div>\n


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Bengaluru | Mumbai: Late industrialist Ratan Tata’s will to ensure ‘unlimited’ care for his pet dog Tito is likely to trigger a ‘pawsome’ trend – more and more pet parents making provisions for their furry companions on their posthumous wish lists. While queries on these lines have been coming in for a while now, the […]<\/p>\n","protected":false},"author":2,"featured_media":167302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-42031747\/et-logo.jpg","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[129586,3755,59932,129587,129588,9831,125454,45092],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/167301"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=167301"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/167301\/revisions"}],"predecessor-version":[{"id":167303,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/167301\/revisions\/167303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/167302"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=167301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=167301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=167301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}