What Happens When Someone Leaves Money to a Pet in a Will

Ever wondered what would happen to your pet if it outlives you? You wouldn’t be alone in having such thoughts. When iconic fashion designer Karl Lagerfeld passed away at age 85 last year, he left part of his $300-million fortune to his female Burmese cat, Choupette. His longtime companion was duly included in the will. The cat is expected to have nothing but lavish feasts for the rest of her life. But, how exactly are such matters arranged?

More and More People Are Asking the Same Question

Can a person legally include an animal in their will? Pet owners have increasingly gained interest in ensuring there are provisions in their wills that secure their furry friends’ lives in the unlikely event of them passing away. Technically, an animal is legally considered property, and since a person cannot leave their property to another property, additional provisions must be made.

There Could Be a Special Provision in the Will

In order for you to include your pet in your will, you need to include a provision that dedicates a certain amount of money to the care of your pet. There is one problem with this solution, which is why most lawyers don’t recommend it. It’s difficult to make sure that whoever is taking care of the pet is actually using the funds exclusively for their benefit.

It’s Best to Set up a Pet Trust Fund

Yes, there is a better option. You can set up a trust fund for your pet and assign a trustee, the person who will be distributing the funds to the caretaker of the pet. The trustee or enforcer who will have the legal right to supervise the care the pet receives. A pet trust is a system of checks and balances dedicated to meeting the needs of your dog, cat, parrot, or another animal. The decedent of the will can also specify what would happen to the remaining funds after the pet has died.