Putting Pets in Your Will Is No Longer Just for Eccentric Billionaires

Including pets in estate planning, a practice once limited to the ultra-wealthy, is now a growing trend. While pet trusts, like the one created by Leona Helmsley, are still primarily for the rich, more common now is the pet directive. This section in a will allows pet owners to name guardians for their pets and allocate funds for their care.

Estate lawyers routinely ask clients about their pets during planning, as many people are concerned about their pets' futures. Online estate planning services have made it easier to include pets in wills, leading to an increase in pet guardianship provisions.

The article shares examples of pet owners who have named guardians and left money for their pets. It also highlights the challenges and considerations in deciding how much money to leave and the importance of planning, especially for long-lived pets. Without a plan, pets could end up in shelters or create disputes among heirs.

Pet trusts offer more safeguards but are more complex and expensive. The article emphasizes the need to choose reliable guardians, as they are responsible for following the pet owner's wishes, with little oversight in place.

For more information see Ashlea Ebeling "Putting Pets in Your Will Is No Longer Just for Eccentric Billionaires", The Wall Street Journal, August 10, 2024.