{"id":8183,"date":"2016-02-24T07:18:24","date_gmt":"2016-02-24T13:18:24","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=8183"},"modified":"2016-02-25T09:45:25","modified_gmt":"2016-02-25T15:45:25","slug":"pet-trust-leave-fortune-to-fido","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2016\/02\/pet-trust-leave-fortune-to-fido\/","title":{"rendered":"Pet Trust: Can You Leave your Fortune to Fido?"},"content":{"rendered":"<h1>Pet Trust: Can You Leave your Fortune to Fido?<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-8321\" src=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/Pet-Trust-Can-You-Leave-your-Fortune-to-Fido--350x293.png\" alt=\"Pet Trust- Can You Leave your Fortune to Fido-\" width=\"350\" height=\"293\" srcset=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/Pet-Trust-Can-You-Leave-your-Fortune-to-Fido--350x293.png 350w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/Pet-Trust-Can-You-Leave-your-Fortune-to-Fido--768x644.png 768w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/Pet-Trust-Can-You-Leave-your-Fortune-to-Fido-.png 940w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/><\/h1>\n<p><span style=\"font-weight: 400;\">Every few years, a\u2014shall we say, <\/span><i><span style=\"font-weight: 400;\">eccentric<\/span><\/i><span style=\"font-weight: 400;\">\u2014wealthy person dies and leaves their entire estate to their dog. <\/span><strong><a href=\"http:\/\/abcnews.go.com\/US\/leona-helmsleys-dog-trouble-richest-world-dies-12\/story?id=13810168\" target=\"_blank\">Leona Helmsley<\/a><\/strong><span style=\"font-weight: 400;\">, as one example,<\/span><span style=\"font-weight: 400;\"> left her gigantic estate to her dog in 2011, cutting out most of her family. Of course, a lawsuit was the result and Leona\u2019s gift to her dog was reduced.<\/span><\/p>\n<p>Leona isn\u2019t alone. Countess Carlotta Liebenstein left enough money to her dog for it to be passed down to the dog\u2019s puppies and to buy entire mansions to house the dogs. When you\u2019re richer than Croesus, it seems reasonable to make your dog an heiress.<\/p>\n<p>Extreme wealth and eccentricity aside, what happens to your pet after you die can be a matter of great concern. It\u2019s natural to want to be sure that your animal is not only cared for, but has a good life after you\u2019re gone. We treat our pets like family, so planning for their care matters to us.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/s1hxhOPRFe4\" width=\"420\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Sorry Fido, no inheritance for you<\/h2>\n<p><span style=\"font-weight: 400;\">To be clear, it\u2019s not actually possible to leave your estate to your pet. What you can do is leave money for the pet\u2019s care in a <\/span><strong><a href=\"https:\/\/www.aspca.org\/pet-care\/pet-planning\/pet-trust-primer\" target=\"_blank\">trust<\/a><\/strong><span style=\"font-weight: 400;\"> (legal in all states but Minnesota), which immediately becomes active upon your death. You must name a trustee who will <\/span><strong><a href=\"http:\/\/www.avvo.com\/legal-guides\/ugc\/what-will-happen-to-pets-when-the-owner-becomes-disabled-or-passes-away-\">manage the funds<\/a><\/strong><span style=\"font-weight: 400;\"> in the trust and spend them for your pet\u2019s needs. Legally, your pet counts as personal property, so you can either name someone who will get your pet in <strong><a href=\"https:\/\/www.senioradvisor.com\/blog\/2015\/04\/do-i-need-a-will\/\" target=\"_blank\">your will<\/a><\/strong> or you can state that the pet goes into the trust and the trustee will manage the its care. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trust will provide for the pet\u2019s needs for the rest of its life. It\u2019s a good idea to specify what will happen to the money that remains in the trust after your pet\u2019s life. You might give it to your pet\u2019s caregiver or a relative, or you might donate it to an animal charity. Wealthy socialite Brooke Astor left a bequest to a charity in her will to help provide care for the pets of poor and elderly people.<\/span><\/p>\n<h2>How much does\u00a0a pet trust\u00a0cost?<\/h2>\n<p><span style=\"font-weight: 400;\">There is no minimum amount required to establish a pet trust, but keep in mind that you need to have enough money to cover the expenses of setting up the trust (a simple legal document does this and costs a couple hundred dollars) and funds to pay for the trust\u2019s costs (administrative fees, which may be almost nothing if you name a friend or family member as trustee). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be sure to put enough money in the trust to pay for the animal\u2019s veterinary care, food, grooming, toys, and for things like boarding and dog walking. You may need to include money to pay for a caregiver if no one close to you is willing to do it for free. The <\/span><strong><a href=\"http:\/\/www.petinsurance.com\/healthzone\/pet-articles\/pet-owner-topics\/Pet-Trust-Funds.aspx\" target=\"_blank\">average amount<\/a><\/strong><span style=\"font-weight: 400;\"> placed in a pet trust is between $15,000 and $20,000.<\/span><\/p>\n<h2>Taking your pet with you<\/h2>\n<p><span style=\"font-weight: 400;\">Some people ask that their pet be <\/span>euthanized<span style=\"font-weight: 400;\"> when they die, but most courts will not uphold this request if the pet is in good health. Instead, make arrangements so that your pet can live a healthy and happy life.<\/span><\/p>\n<h2>Protections for pets<\/h2>\n<p><span style=\"font-weight: 400;\">In addition to setting aside some money for your pet, you can take other steps to protect your furry, feathered, or scaly friend. Designate two friends or relatives who are willing and able to care for your pet if something unexpected happens to you. Make sure that they have a key to your house, know who your vet is, and know your pet\u2019s medications and feeding information. In addition to this, put an <\/span><span style=\"font-weight: 400;\">alert card<\/span><span style=\"font-weight: 400;\">\u00a0like this one from ASPCA in your wallet asking that these people be called in case of an emergency.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8184 size-full\" src=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/pet-alert-card-side1-side2.jpg\" alt=\"ASPCA Pet Alert Card\" width=\"589\" height=\"216\" srcset=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/pet-alert-card-side1-side2.jpg 589w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2016\/02\/pet-alert-card-side1-side2-350x128.jpg 350w\" sizes=\"(max-width: 589px) 100vw, 589px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">If you love your pets, you want them to be healthy and happy after your death. With a little planning, you can be certain your pet will be well cared for in your absence.<\/span><\/p>\n<p>Learn more about pet-friendly senior living <strong><a href=\"https:\/\/www.senioradvisor.com\/blog\/category\/pet-friendly-senior-living\/\" target=\"_blank\">here<\/a><\/strong>.<\/p>\n<hr \/>\n<p><em><strong>Written by Brette Sember<\/strong><\/em><\/p>\n<p>Brette Sember\u00a0(www.brettesember.com) is a former attorney and author of more than 40 books, including The Divorce Organizer &amp; Planner, The Complete Divorce, and How to Parent with Your Ex. She writes often about law, parenting, food, travel, health, and more. Brette also writes for <b><a href=\"http:\/\/stories.avvo.com\/\" target=\"_blank\">AvvoStories<\/a><\/b>, brought to you by <b><a href=\"http:\/\/www.avvo.com\/\" target=\"_blank\">Avvo<\/a><\/b>, the leading online legal marketplace connecting consumers and lawyers. Avvo\u2019s free Q&amp;A forum\u2014with more than 9 million questions and answers\u2014along with <b><a href=\"http:\/\/www.avvo.com\/legal-services\" target=\"_blank\">on-demand legal services<\/a><\/b> that provide professional counsel for a fixed cost, make legal faster and easier.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pet Trust: Can You Leave your Fortune to Fido? Every few years, a\u2014shall we say, eccentric\u2014wealthy person dies and leaves their entire estate to their dog. Leona Helmsley, as one example, left her gigantic estate to her dog in 2011, cutting out most of her family. Of course, a lawsuit was the result and Leona\u2019s gift to her dog was [&hellip;]<\/p>\n","protected":false},"author":2267,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[200,242,162],"tags":[478,243],"class_list":{"0":"post-8183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-families-caregivers","7":"category-pet-friendly-senior-living","8":"category-retirement-planning","9":"tag-pet-trust","10":"tag-pet-friendly"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pet Trust: Can You Leave your Fortune to Fido? - SeniorAdvisor.com Blog<\/title>\n<meta name=\"description\" content=\"Learn how you can leave money for your beloved pet\u2019s care in a trust which immediately becomes active upon your death.\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pet Trust: Can You Leave your Fortune to Fido? 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