In 2007, hotel owner Leona Helmsley left her dog Trouble $12 million and her two grandchildren nothing, and the newly wealthy Maltese terrier became an international celebrity. Headlines and some outrage.
Trouble received approximately 30 death and kidnapping threats, and a judge ultimately reduced the dog’s estate to $2 million. Nearly two decades later, however, Helmsley appears to be ahead of the curve when it comes to pet legacy.
“The legal system has only recently recognized that animals have legitimate interests,” said Christopher Berry, managing attorney of the Animal Legal Defense Fund. washington post. “But to take advantage of this development, people should make some plans to care for their companion animals.”
While animals cannot legally inherit money, it is becoming increasingly common for individuals to make provisions for furry (or feathery or scaly) family members in their wills. Some people, like Helmsley, choose to put money into a pet trust to care for the animal after the owner passes away. On the surface, the idea may seem strange, but some experts stress that it’s really no different than any other type of money left in a trust.
“All 50 states recognize some form of pet trust, thanks in part to the Uniform Trust Code, which has a provision recognizing and enforcing pet trusts,” Berry told The Washington Post.
As in the human case, when a trust’s (furry) beneficiary dies, the trustee needs to take next steps – whether that’s dissolving the trust or following instructions on where to distribute funds.
It’s also becoming increasingly common for people to specify where they want their pets to live, to avoid family disputes and ensure animals don’t end up in shelters.
Experts recommend creating clear provisions regarding a will during the estate planning process to ensure that animals do not suffer for months or even years while humans resolve ownership disputes.
“Most people think their family will do the right thing and take care of these animals, but our experience shows that’s not the case,” Eldad Hagar, co-founder of Los Angeles pet rescue charity Hope for Paws, told the Daily Mail . wall street journal. “A lot of times, they end up being euthanized in shelters.”
Read on to learn more about animals that receive inheritances from their owners.
