Pet Inheritances

Celebrities like Leona Helmsley and Alexander McQueen are not the only people who leave behind assets for their pets after death—twelve to twenty-seven percent of all pet owners do. The law of pet inheritance is still unstable, but there have been many legal reforms in the last decade.

Recent reforms focus on enforcing a pet’s care on an ad hoc basis, defining the legal status of an individual’s pets, and improving the ways in which an individual can provide for his or her pets. Two pet inheritance bills have been proposed; one would extend the charitable remainder tax deduction to pet trusts, and the other would allow an individual to create trusts for future pet generations (known as “grand-kid pets”).

See Jessica Martin, Be Wary of Letting Estate Go to the Dogs, Futurity, Aug. 8, 2011.

For more information on planning for your pets, see Gerry W. Beyer & Barry Seltzer, Fat Cats & Lucky Dogs – How to Leave (Some of) Your Estate to Your Pets (2010).