Why Wealthy People Are Leaving Their Fortune to Their Pets
You’ve heard of billionaires leaving their fortune to unexpected heirs. But what about their pets?
The late Karl Lagerfeld, who designed for Chanel in addition to his own namesake label, made headlines when he passed away in 2019 at the age of 85. Following his death, it was revealed his Burmese cat, Choupette, would inherit a sizable chunk of his $300 million net worth. Now, it seems as if more deep-pocketed pet parents are following suit and writing their furry friends into their will. In fact, estate attorneys have noticed an uptick in owners wanting to bequeath a large piece of their wealth to their animals, CNN reported.
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Choupette isn’t the first or only pet that’s come into money, either. Nearly two decades ago, real estate mogul and hotel queen Leona Helmsley left a whopping $12 million to her Maltese, Trouble. However, a judge later cut the inheritance to $2 million at the request of the Helmsley estate. Earlier this year, an elderly woman in China decided she was going to bequeath $2.8 million to her cats and dogs instead of her children, who failed to show up or take care of her when she was sick.
Of course, because pets are legally considered property, they technically can’t be named as a beneficiaries. But, like anything else, there are gray areas. As of 2022, all 50 states have enacted pet trust laws, a legally binding obligation that allows for trust funds to be created for animals.
They “should have access to your home, care and feeding instructions for your pet, the name and contact information for your veterinarian and written instructions for the long-term or permanent care of your pet,” Peggy Hoyt, a Florida attorney and author of All My Children Wear Fur Coats, told CNN.
Take Majel Barrett-Roddenberry, for example. Instead of putting her canines in her will, the late actress—who was the second wife of Star Trek creator Gene Roddenberry—opted for a $4 million pet trust for their pooches and set aside an additional $1 million for a caretaker to look after them. Similarly, Leslie Ann Mandel, who was married to the late novelist Arthur Herzog, created a $100,000 trust fund for her 32 cockatiels, to be shared with her dog and her cat.
Sure, it sounds wacky but people have done equally extravagant things such as flying their four-legged friends private and bringing them aboard a superyacht.
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