He left behind a fortune estimated at $200 million. Lagerfeld was known for his iconic fashion designs and his love for his cats. He left a significant portion of his estate to his beloved feline companions. This act of generosity, while unusual, is not without precedent.
Pet trust laws are not just about pets; they’re about the financial management of pets. Pet trust laws are designed to ensure that the financial resources of a pet owner who is unable to care for their pet are managed responsibly. They are intended to protect the pet from neglect or abandonment, and to ensure that the pet’s needs are met.
* **Pet Preference:** Pet ownership is a significant factor in estate planning.
Setting up a trust So if a person wants to set aside money for their pet’s care with a legally binding obligation that it’s used only for the pet’s benefit, then they usually need to establish a trust. That was the route Majel Barrett-Roddenberry, actress and widow of “Star Trek” creator Gene Roddenberry, took. Before her death in 2009 at the age of 76, she set up $4 million trust for the couple’s dogs, and allocated an additional $1 million for an employee to care for them. (The arrangement triggered headlines “Star Trek fortune goes to the dogs.”) Florida attorney Peggy Hoyt, author of “All My Children Wear Fur Coats,” told CNN she urges her clients to leave comprehensive instructions for pet caretakers. 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,” she said.
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.
This is to avoid potential conflicts of interest and ensure the pet’s best interests are always prioritized. For instance, imagine a scenario where a pet owner, John, wants to include his beloved dog, Sparky, in his will. John decides to set up a trust for Sparky’s care and well-being. He appoints his friend, Mary, as the trustee of this trust.
We want to provide them with a loving home.”
This statement highlights the importance of animal welfare and the desire to provide a better life for animals in need. It also emphasizes the financial commitment required to achieve this goal. The minimum donation of $10,000 is a significant amount, reflecting the high cost of providing quality care for animals.