In recent years including pets in estate plans has become more and more popular. People want to know that both their human relatives and their pets will be okay when it comes to distributions from their estates.
Typically, only enough money is set aside in as estate plan to provide for a modest life for the pets. A few pets, however, have inherited extreme amounts of wealth.
Recently, Time published a list of some of these wealthy pets in "The 10 Richest Pets of All Time."
The list includes:
- Gunther III - A German countess left her dog her entire $80 million estate. The trustees of the estate have grown the fortune to $375 million that now belongs to Gunther's child, Gunther IV.
- Toby Rimes - This poodle inherited $40 million when its owner passed away in 1931. However, Toby died a few months later and the estate was divided between various charities.
- Tommaso - This Italian cat was a stray adopted by an elderly woman who left it her $13 million estate.
- Gigoo - A British publisher left his beloved chicken Gigoo a fortune worth approximately $15 million.
- Trouble - Leona Helmsley left her dog Trouble $11 million – although the inheritance was later reduced to a mere $2 million by a judge.
Of course, you do not need to leave a pet anywhere near the above amounts to make sure they are taken care of after you pass away. If you would like to include your pet in your estate, then visit a Cincinnati estate planning attorney to learn about your options.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Time (Oct. 5, 2015) "The 10 Richest Pets of All Time."