Trouble is long-dead now, but the trend of leaving money to pets is not.
In fact, while Helmsley had more money than most to gift to Trouble, she’s far from the only person taking steps to ensure a beloved animal will be well provided for even when she’s gone. In fact, an estimated 44% of pet owners have made some kind of post-death plan for a pet.
Now, let’s say Nina wants to do the same. Nina is sadly dying of cancer, and she wants to make sure she can provide for her 7-year-old beagle, Rocky. The big question is: Can she just name Rocky a beneficiary in her will, or is there more to the story?
You can leave money to your pet, but you have to do it the right way
Nina and other pet owners like Helmsley will be pleased to know that they absolutely can provide for their animal financially after they’re gone. But the process typically isn’t as straightforward as just writing a will saying Rocky should get rich.
As the law office of Pyle, Dellinger & Naylor, PLLC explained in a blog post, you can’t leave money directly to your pet. And while you can leave money outright to a person who you entrust with your pet’s care, you probably shouldn’t.
The firm explained that while you could gift the money to the friend or loved one taking Rocky in and simply tell them how the gift should be managed, that won’t guarantee they’ll follow your wishes.
“Even if you truly trust the person, what happens if the person dies, becomes incapacitated, or for some other reason can no longer take care of the pet? If you really want to be sure that the pet is taken care of and that the money benefits the pet, consider a pet trust,” the firm wrote.
This solution provides more control over your pet’s future
Fortunately, a pet trust is a proven solution that will allow Nina and other pet owners to make 100% sure the money they leave behind is earmarked for their animal — and to make 100% sure that the new caregivers will follow instructions on what to do with it.
As Pyle, Dellinger & Naylor, PLLC wrote, Nina can move some of her assets to a trust and can appoint a trustee to manage the money on Rocky’s behalf. Nina can also specify who will take ownership of Rocky and provide him with a home. However, Rocky’s new owner won’t just have access to all of the funds.
