Is it legal to leave your estate to your pet?
Many people consider pets part of the family, which is why some make provisions for them in their will. Is it legal to leave a beloved animal your estate?
Quite a number of celebrities and millionaires have been known to provide for their pets in their last will and testament, bequeathing millions to their furry (or feathered) friends.
Oprah Winfrey has reportedly earmarked $30 million in her will for the care of her pets when she dies. Designers Karl Lagerfeld and Alexander McQueen left significant amounts in a trust for their pets to ensure they are cared for even after their owners’ deaths.
According to the American Society for the Prevention of Cruelty to Animals, every state plus Washington, D.C. has created guidelines regarding financial plans for pets after their owners pass away.
READ ALSO: Get the best deals for National Cheeseburger Day
READ ALSO: McDonald’s deals expand as fast food giant struggles over the summer
Is it legal to leave your estate to your pet?
People who are much-attached to their animal companions can legally bequeath money for their care. However, there are limitations as to what they can leave their pets.
For example, animals cannot inherit a house, because pets are considered property. A person could leave money and property to the person they name as their pet’s guardian, but this does not guarantee that their wishes will be followed.
Pets cannot inherit money directly for the same reason they cannot be left property. However, people can legally set up a trust fund for their pets to make sure the money they have set aside will benefit only the animal. This means the person who is named to handle the pet’s finances can only spend money buying or paying for its food, vet bills, medication, and the like.
If the owner wishes to leave money for their pet’s care because they are estranged from their family, they must make sure they detail the reasons for disinheriting their family members. If these are properly documented, the court is more likely to honor their instructions.