In life, things do not always happen how we want them to. Sometimes, we have to get creative to make things work. Here are three instances where pet owners were creative in providing for their pets in pet trusts, and I mention some lessons you can learn from them.
3 Famous Pet Trusts and Lessons to Learn
David Harper and Red
David Harper was not famous in life, but when he left more than one million dollars to his cat, Red, his pet trust became famous. What gained David this notoriety? He bequeathed the money to the United Church of Canada and stipulated that they provide for Red. And it worked!
Lesson learned: You can be creative in how you design your pet trust to provide for your pet, and it can work.
Maria Assunta and Tommaso
Maria Assunta was a wealthy widow who rescued a street cat that she named Tommaso. Maria was unable to find an organization to give Tommaso to, so Maria gave her entire estate of about $13 million to Tommaso in her will and named Maria’s own nurse as Tommaso’s caretaker.
Lesson learned: If you want to do your best to make sure that your pet is provided for, you need to do it in writing as part of an estate plan.
Patricia O’Neill and Kalu
Patricia O’Neill drafted an estate plan giving her fortune of $70 million to her chimpanzee, Kalu, and her other pets. Unfortunately, she lost of her fortune, and she could not give her desired amount to her pets.
Lessons learned: Make sure that your financial plan and your estate plans line up, so you can give to your pets as much as you want.
Final Thoughts
Using your estate plan and establishing pet trusts is the best way to make sure that your pets are provided for. To begin determining what pet trusts may be best for your situation, contact The Rains Law Firm or schedule an complimentary initial meeting.