When hotelier Leona Helmsley left her dog Trouble $12 million in 2007 – leaving two of her grandchildren empty-handed – the newly rich Maltese Terrier made international headlines and also caused some trouble.
Trouble received an estimated 30 death and kidnapping threats, while a judge eventually reduced the dog’s inheritance to $2 million. Nearly two decades later, however, it appears that Helmsley may have been ahead of the curve when it comes to pet inheritances.
“The legal system has only recently begun to recognize that animals have legal interests,” Christopher Berry, senior attorney at the Animal Legal Defense Fund, told the Washington Post“But to benefit from this development, people should put some planning into the care of their pets.”
Although animals cannot legally inherit money, it is becoming increasingly common for individuals to make provisions for their furry (or feathered, or scaly) family members in their wills. Some people, like Helmsley, choose to leave money in pet trusts that provide for the animal’s care after their owners die. The idea may seem eccentric at first, but some experts stress that it is actually no different from 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 includes a provision to recognize and enforce pet trusts,” Berry told The Washington Post.
As in human cases, when a (furry) beneficiary of a trust dies, it is the trustee’s responsibility to take the next steps – whether that’s dissolving the trust or following instructions for distributing the funds.
In addition, it is becoming increasingly common to explicitly state where the pets are to live – to prevent family disputes or to ensure that the animals do not end up in an animal shelter.
Experts recommend making explicit provisions in the will when planning your estate to ensure that the animal does not languish for months or even years while people settle their property disputes.
“Most people believe that their family members will do the right thing and take care of these animals, but our experience shows that this is simply not true,” Eldad Hagar, co-founder of the Los Angeles animal rescue organization Hope for Paws, told the Wall Street Journal“So often they end up in the animal shelter to be put down.”
Read on to learn more about animals that have received an inheritance from their owners.
