Pet inheritance is no longer just a quirky idea for the ultra-wealthy but a growing trend, as more people look to secure their animals’ futures.
Madeline Fitzgerald, writing for online business publication Quartz, dug into the details of this form of financial planning.
Understanding Pet Trusts
Animals themselves cannot legally inherit money, but pet trusts are becoming a popular method for ensuring the care and maintenance of pets after their owners pass away. Across the U.S., all 50 states now recognize some form of a pet trust, highlighting a shift in how legal systems accommodate animals’ well-being.
Famous Cases of Pet Inheritance
Several famous cases have drawn attention to the emergence of pet-based financial plans:
A Landmark Case in Estate Planning for Dogs
In 2007, hotelier Leona Helmsley left $12 million to her Maltese dog, Trouble, although the amount was later reduced to $2 million. Helmsley’s action sparked public intrigue and even threats against the dog, illustrating the complexities that can arise when pets inherit large sums.
A Celebrity Pet Trust Story
Karl Lagerfeld, the iconic fashion designer, similarly made provisions for his cat, Choupette, ensuring her continued luxury. Although the exact inheritance remains undisclosed, Choupette had already become a millionaire through her work as a kitty-influencer, cementing her place in the spotlight.
A Unique Case of Animal Bequeathments
Manhattan entrepreneur Leslie Ann Mandel left $100,000 to her 32 cockatiels, along with instructions for them to remain in her Hamptons home. Her stepson was appointed to oversee their care and ensure they maintained their accustomed lifestyle.
If it happened that this stepson thought perhaps the inheritance was his instead of the birds’, he may have reacted similarly to TV character Ralph Kramden did in this episode from The Honeymooners.
A Million-Dollar Inheritance Story
Tommaso, a stray cat adopted by Italian property magnate Maria Assunta, became the recipient of a $13 million inheritance. After Assunta’s death, Tommaso’s nurse assumed responsibility for both the cat and the fortune.
A Pet Trust Success Story
British antiques dealer Ben Rea bequeathed $12.5 million to his black cat, Blackie. The Guinness Book of World Records eventually recognized the funded feline as the world’s wealthiest cat.
A Controversial Case of Pet Inheritance
Miami heiress Gail Posner left $3 million to her three dogs and allowed them to continue living in her mansion, which led to a legal battle. Posner’s son challenged the will, claiming that staff influenced his mother to leave the largesse to her pets.
The Future of Pet Trusts: A Growing Trend in Estate Planning
As more people recognize the need to provide for their pets in their estate planning, pet trusts are becoming a standard part of ensuring animals’ care after their owners pass away.
Read more about trust funds for pets by visiting Quartz.
