More People Leaving Big Inheritances to Their Pets

from WDIV Detroit TV 4

Attorneys report a growing number of pet owners are making plans for their animals. People have long left money and even homes to pets in their wills. But pets were considered property, so their status as beneficiaries rarely stood up to a court challenge. A pet trust, though, allows a benefactor to name a caretaker for a pet and a trustee who ensures the money is being spent appropriately.

Virginia has now joined 37 other states that have pet trust statutes. The new Virginia law lets one person be appointed to care for the pet and another put in charge of assuring the pet's money is used appropriately.

One lawyer reported that he had one Richmond, Va. client who left $2.5 million to a horse. Distant relatives objected and a judge reduced the horse inheritance to $150,000. Knight added that another client left $35,000 for the care of a goose.