Should You Make Provision for Your Pets in a Will?
We have all seen the stories of eccentric millionaires who leave their fortune to their pets in a Will. Their relatives are cut out of the Will, but Fido receives a very generous legacy. But it’s not as easy as you may think to leave something to your pets in a Will.
One of the most famous of these cases is that of billionaire Leona Helmsley’s dog. He was the lucky pooch who inherited $12 million from her estate. The Maltese dog, perhaps appropriately named “Trouble” was one of the major benefactors of her estate. Some of the family members weren’t quite so fortunate. Two grandchildren received nothing, and Leona evicted her son’s widow after his death. Trouble did not get quite as much money as he bargained for as a judge later reduced the amount to $2 million. The grandchildren who Leona excluded were awarded $6 million and the balance went to charity.
Leona Helmsley earned the title of “Queen of Mean” during her lifetime. She served 18 months in prison for tax evasion. Unfortunately, her gift to her dog made Trouble the most hated dog in the country. He is said to have received numerous death and kidnapping threats, so had to have a permanent security guard with him. He lived in style, but only spent about $190,000 a year. Most of that was on his security detail. Although we are sure there was plenty left over for grooming and food. Continue reading