Not long ago, pet trusts were thought of as little more than eccentric things that famous people did for their pets when they had too much money. These days, pet trusts are considered much more mainstream. For example, in 2016, Minnesota became the fiftieth state to recognize pet trusts legally. But, unbeknownst to many pet owners, a pet trust may not reflect their wishes precisely. Let’s look at three celebrity pet trusts and consider the lessons you can learn so your furry family members can be protected through your plan.
Achieving notoriety in the 1980s as the “Queen of Mean,” famed hotelier and convicted tax evader Leona Helmsley passed away in 2007. True to form, in her will, she awarded her Maltese dog, Trouble, a trust fund valued at $12 million and left nothing to her two grandchildren. However, the probate judge did not think much of Helmsley’s logic, knocking Trouble’s portion down to a paltry $2 million, awarding $6 million to her two grandchildren, and giving the remainder of the trust to charity. Trouble was supposed to be buried in the family mausoleum when she died but was instead cremated when the cemetery refused to accept a dog.
Lessons learned: Leaving an extravagant sum to a pet may not be honored in a lawsuit and can cause family conflict. It is best to leave a reasonable amount to provide for the care and lifestyle that your pet is accustomed to. To determine a reasonable amount, create a monthly or annual budget to see what it would cost to provide for your pet for the rest of its anticipated lifespan. If you want to disinherit one or more family members, talk with your attorney to make the disinheritance as legally solid as possible.
Most Michael Jackson fans remember his pet chimpanzee Bubbles, the King of Pop’s constant companion. Jackson reportedly left Bubbles $2 million. As of 2024, Bubbles is alive and well, living out his years in a shelter in Florida. There has been speculation about who has been paying for his care in the sanctuary, with some reporting that Jackson’s estate has been covering the costs and others claiming that his family members have been paying.
Lessons learned: Using a trust as part of your estate plan can help prevent prying eyes from knowing the details of your affairs.
Allegedly, German countess Karla Liebenstein left her entire fortune, valued at approximately $65 million, to her German Shepherd, Gunther III. The fortune has increased in value over time—to about $400 million—and has subsequently been passed down to Gunther VI, also a German Shepherd. However, some suspect that the inheritance is a hoax.
Lesson learned: Pet trust benefits can be passed down through generations, so make sure your estate plan reflects your actual wishes and intentions about any subsequent pets.
If you still need to make arrangements for your beloved pet in your estate plan, we are here to help. We would love to discuss setting up a new pet trust for you or adding one to your current plan. Book a Discovery Call today.
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