Editorial: August 23, 2024

In the past, we have addressed the issue of what happens to your dogs when you pass away. As the pet population in the United States grows, more and more pet owners are leaving instructions in their wills. We all know the legacy of Leona Helmsley, the widow of billionaire real-estate magnate Harry Helmsley, who owned, among other properties, the Empire State Building and the Helmsley Hotel chain. She was known as the “Queen of Mean” by her employees, as she ran a very tight ship. Upon her death, she left a $12 million trust fund to her Maltese named Trouble. Trouble was left in the care of her caretaker Carl Lekic, who spent $100,000 a year on her care, which included a bodyguard. As unusual that bequeath was, a German Shepherd named Gunther III, owned by Countess Karlotta Libenstein, inherited $106 million. While these two bequeaths are highly unusual, we mere mortals must also plan for the animals we love and live with after our passing. All of us must make provisions for our pets, which shouldn't be left to those left behind. It’s all well and good to leave our dogs with family and or friends and even co-owners, but must they assume financial responsibility as well? First things first: Who gets to keep your dogs, and can you provide financial assistance to the person who will inherit them? Pets are considered personal property, so you can’t directly leave them money; you leave it to a caretaker. Nearly 40 percent of dog and cat owners have named a caretaker in their will, according to the American Pet Products Association. If you die without a will, state law determines who will inherit your estate, pets included. Without specific instructions, pets can be fought over by survivors, or, if they are not wanted by any survivors and with no specific will instructions, can be given to the local shelter for adoption, or, even worse, they can be euthanized. A sad ending if not properly addressed. As we all know, pet care can be very expensive, especially as a dog ages. Saddling a friend or relative with these expenses should be considered when making these final arrangements. Deciding how much money to leave your pet’s caretaker depends on many factors, including your own wealth and the age of the dog. It is said that leaving too much money for your pet’s care can be challenged by your heirs. That was the case with the aforementioned Leona Helmsley, whose $12 million trust was reduced to $2 million as a result of her heir challenging her will. When deciding who should care for your pets when you pass away, included in your decision should be some financial consideration to cover the costs of this responsibility you are giving the caretakers.