Pet trusts may once have seemed like extravagant quirks of the ultra-wealthy, but today, they’ve gone mainstream. As of 2016, all 50 states recognize pet trusts as a legitimate way to ensure your furry family members are cared for after you’re gone. However, even famous pet trust cases show us that proper planning is key to making sure your wishes are carried out. Let’s take a closer look at three well-known examples and the lessons they teach us about protecting our pets.
1. Leona Helmsley and Trouble
Leona Helmsley, infamously dubbed the “Queen of Mean,” left $12 million in a trust for her Maltese, Trouble, while disinheriting two of her grandchildren. However, the court reduced Trouble’s trust to $2 million, redistributed $6 million to the disinherited grandchildren, and allocated the remaining funds to charity. Adding insult to injury, Trouble’s final wish to be buried in the family mausoleum was denied; she was cremated instead.
Lessons Learned:
- Keep it reasonable. An extravagant sum is likely to be challenged in court, creating unnecessary family conflict. Determine a realistic amount to cover your pet’s needs by estimating their monthly or annual expenses and planning for their expected lifespan.
- Disinherit with care. If you wish to disinherit someone, work with an attorney to ensure your wishes are legally sound and enforceable.
2. Michael Jackson and Bubbles
The King of Pop’s pet chimpanzee, Bubbles, was a celebrity in his own right. Reports suggest Jackson left $2 million for Bubbles’ care. Today, Bubbles resides in a sanctuary in Florida, with conflicting reports about whether Jackson’s estate or family members have been footing the bill.
Lessons Learned:
Use trusts for privacy. A properly structured trust can keep the details of your estate plan—and the care of your pets—out of the public eye. This ensures your wishes are honored without unnecessary scrutiny.
3. Karla Liebenstein and Gunther III
German countess Karla Liebenstein allegedly left her $65 million fortune to her German Shepherd, Gunther III. Over time, the fortune reportedly grew to $400 million, benefiting generations of Gunther’s descendants. However, many speculate the entire story might be a hoax.
Lessons Learned:
- Plan for future pets. If you intend for your pet’s trust to extend to subsequent animals, ensure your estate plan clearly reflects your wishes. A well-drafted plan can address the care of future pets while safeguarding your intentions.
Protecting Your Pet Starts with Proper Planning
Famous cases like these show how important it is to get the details right when including pets in your estate plan. Whether you’re setting up a pet trust for the first time or adding one to your current plan, we’re here to help you create a strategy that works.
Don’t leave your beloved pets’ future to chance. Call us today to discuss how we can help you confidently and with care provide for your furry family members.
