When real estate mogul Leona Helmsley died, she earmarked $12 million for the care of her white Maltese lapdog, Trouble. Fashion designer Karl Lagerfeld left $1.5 million for his cat, Choupette. And a recently deceased New York City woman put $100,000 in a trust for her 32 pet cockatiels along with instructions that they be fed natural birdfeed, carrots and popcorn.
It’s easy to snicker about estate planning for an animal. But if you regard your pets as important members of your family, you may want to ensure that they are provided for after your death. The challenge: Under the inheritance laws in all 50 states, pets are considered tangible personal property, no different than a car or jewelry. You cannot directly leave money to an animal in your will.
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