He left behind a fortune estimated at $2 billion. Lagerfeld was known for his iconic fashion designs and his love for his cats. He famously left his cats a significant portion of his estate. This act of leaving money to pets is not just a quirky trend; it’s a growing phenomenon. The reasons behind this trend are multifaceted. Firstly, it reflects a changing societal view of pets.
Pet trust laws are not just about pets; they’re about the financial and legal complexities of pet ownership. Pet trust laws are designed to protect pets and their owners from financial exploitation and abuse. They establish a legal framework for managing pet-related expenses, ensuring that funds are used responsibly and ethically.
* Attorneys advise against favoring pets over family members in a will. * Disinheritance of family members is not a simple matter and requires clear and justifiable reasons. * Leaving children or grandchildren with nothing can be a result of anger and disappointment.
A trust is a legal entity that holds assets for the benefit of a beneficiary. In this case, the beneficiary is the pet.
If a pet outlives its caregiver, state laws differ about who must take responsibility for the animal (The ASPCA offers an online guide, state-by-state.) Leslie Ann Mandel, widow of science-fiction author Arthur Herzog III, thought of pretty much everything for her cat, dog and more than two-dozen cockatiels, each bird identified by name, in her will. Specifically, a trustee was awarded $100,000 and access to additional funds, but the birds had to be allowed to remain living in the aviary of Mandel’s Wainscott, Hamptons home after her death (in 2015). Her chief demand: “no cages.” When things go wrong What could go wrong? A lot.
Estate attorneys recommend people who want to add their animals to their wills set up a separate trustee for the trust who is not also the pet’s caretaker. It’s far more likely that their wishes will being carried out if there is more than one person administering the terms of the trust. If hit with a layoff or slew of medical bills, even a well-meaning caretaker may be tempted to divert funds towards their own needs. A simpler solution is to leave a sum of money to an animal protection group. A handful of them, such as the Associated Humane Societies, run shelters throughout New Jersey which will care for cats and dogs after their owners have passed on.
We want to provide them with a loving home.”
This statement reflects a common sentiment among animal welfare organizations. Many organizations strive to find homes for animals in need, but the reality is that shelters are often overcrowded and underfunded. This creates a significant challenge for animal welfare organizations, as they struggle to provide adequate care for the minimum number of animals they already have. The minimum donation requirement for future care is a common practice among animal welfare organizations.
