You must have seen the ultra-high net worth individuals making their Last Wills and Testaments for their family and friends. There are several instances of inheritances made to pets also. This may look surprising but there are cats, dogs and monkeys having their own villas, cars, shares, etc.
You can also create a Will for your pets if you want.
The pet trust law says animals are property, and one piece of property cannot own another piece of property. But, you have a range of options.
- Make non-legal arrangements
- Make a complex trust.
- Leave your pet with an organization dedicated to taking care of pets after an owner's death.
Following is the list of celebrities who made inheritances to their.
Michael Joseph Jackson was an American singer, and songwriter.
Michael Jackson made his entire estate a family trust with his mother Katherine Jackson, as legal guardian of his three children and beneficiary of the trust.
Jackson owned a chimpanzee(Bubbles) as his pet. Bubbles is among the pets that have significant inheritances given to them by their owners. Jackson left his chimp $2 million payable upon his death.
Bubbles used to travel frequently with Jackson, drawing attention from the media. In 1987, he and Jackson drank tea with the mayor of Osaka, Japan.
Click here to read his complete Will.
Leona Hemsley was an American Businesswoman. She was regarded as the "Queen of Mean".
Mrs. Hemsley left the bulk of her fortune to 2 charitable trusts and the rest of her Estate to her 4 grandchildren. Her son predeceased her by 25 years
She also made a bequest of $12 million in her will to her dog who was an 8-year-old Maltese, Trouble.
There was a 2-page instruction by her that this amount should be used in the care and welfare of dogs.
Majel Barrett-Roddenberry was an American actress and producer, best known for her roles in the Star Trek franchise. She was the wife of Gene Roddenberry, the creator of Star Trek.
Majel outlived her husband for 20 years. In 2008, when she died, she left a $4 million trust to the couple's dogs, and $1 million to their caretaker. The caretaker used to live in the mansion with the pups and take care of them.
Lessons we learnt from these Wills:
1. Do not leave money or property directly for your Pets
If you leave anything for your pet directly into your Wills, your Pet will get nothing and that property will be included in your “Residuary Estate”. Assign a caretaker for your pet with that money to take care of your pet.
2. Choose a trustworthy person as the caretaker.
Never trust anyone blindly and put them in charge of managing the affairs of your pets after you.
You can take legal assistance online for this to avoid any complications in the future.