Pet bequests run into Trouble
Source: Agencies |
August 16, 2011, Tuesday
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BRITISH Fashion designer Alexander McQueen did it, and so did billionaire hotel operator Leona Helmsley, but legal experts warn there can be pitfalls in bequeathing money to a pampered pet.
Between 12 and 27 percent of pet owners make provision for their beloved pets in their wills, according to researchers at Washington University in St Louis School of Law.
McQueen left US$81,000 for the care of his bull terriers when he died last year, and Helmsley bequeathed US$12 million to her now-deceased Maltese dog, Trouble, after her death in 2007.
Washington University law professor Adrienne Davis said: "Although pet inheritance in America was recognized in 1923, and despite several recent innovations, the law remains unstable." She said trusts must be properly drafted and should name caretakers willing to comply with the terms.
Despite Helmsley's wishes, a US judge reduced Trouble's bequest from US$12 million to US$2 million.
The judge also overturned Helmsley's wish that her charitable trust go to animal welfare, allowing the trustees to distribute the money to charities of their choice.
Helmsley also wanted Trouble to be buried in the family mausoleum but pets in the US cannot be buried in cemeteries for humans.
Washington University professor Frances Foster said for many Americans "their pets, not their human family members, are their nearest and dearest."
Between 12 and 27 percent of pet owners make provision for their beloved pets in their wills, according to researchers at Washington University in St Louis School of Law.
McQueen left US$81,000 for the care of his bull terriers when he died last year, and Helmsley bequeathed US$12 million to her now-deceased Maltese dog, Trouble, after her death in 2007.
Washington University law professor Adrienne Davis said: "Although pet inheritance in America was recognized in 1923, and despite several recent innovations, the law remains unstable." She said trusts must be properly drafted and should name caretakers willing to comply with the terms.
Despite Helmsley's wishes, a US judge reduced Trouble's bequest from US$12 million to US$2 million.
The judge also overturned Helmsley's wish that her charitable trust go to animal welfare, allowing the trustees to distribute the money to charities of their choice.
Helmsley also wanted Trouble to be buried in the family mausoleum but pets in the US cannot be buried in cemeteries for humans.
Washington University professor Frances Foster said for many Americans "their pets, not their human family members, are their nearest and dearest."
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