In recent years, there has been an increase in people leaving money to their pets in their wills. This trend has been seen with individuals such as designer Karl Lagerfeld, who left a portion of his fortune to his cat, Choupette. This practice is becoming more common, and estate attorneys are seeing more instances of individuals making financial plans for their pets after they pass away. Additionally, pet trust laws have been enacted in twenty-nine states since 2008, providing guidelines for individuals looking to provide for their pets in their estate planning.
While pets are considered property in all US states, there are ways to ensure that they are provided for after their owner’s death. By designating a guardian for the pet in their will, individuals can leave money and property to be used for the pet’s care. However, there is no guarantee that the guardian will follow these wishes, as they are not legally bound to honor them. If a person chooses to disinherit family members in favor of leaving assets to their pets, it is essential to document the reasons for this decision to avoid potential legal challenges.
In some cases, courts may challenge bequests made to pets. For example, a New York probate court reduced Leona Helmsley’s $12-million bequest to her dog Trouble to $2 million, citing that the reasons for disinheriting her grandchildren were known to them. This highlights the importance of clearly outlining the intentions for pets in estate planning documents. Despite potential challenges, setting up a trust is a legally binding way to ensure that assets are used for the benefit of the pet, as seen in the case of Majel Barrett-Roddenberry, who established a trust for her dogs after her death.
It is crucial for individuals to provide comprehensive instructions for pet caretakers in their wills to ensure the proper care of their animals. State laws vary on who is responsible for caring for a pet if they outlive their owner, and it is recommended to seek guidance on these matters. Estate attorneys advise creating a separate trustee for the pet trust to ensure that the funds are managed properly. In cases where caretakers may face financial hardships, having multiple individuals overseeing the terms of the trust can help prevent misuse of funds.
For those concerned about the long-term care of their pets, leaving a donation to an animal protection group can be a simple solution. Organizations like the Associated Humane Societies care for pets after their owners have passed away and help them find new homes. By making a minimum donation, individuals can ensure that their pets are provided for without having to live out their lives in a shelter. Planning for the care of pets in estate planning documents can help alleviate concerns about their future well-being.
