Can You Leave Money to Your Dog?
Your dog might run your home, your heart, and your schedule, but legally, he’s still property.
You can’t leave money to your dog, because under the law, your dog is considered property. And property can’t inherit property.
But you can make sure your pet is cared for if you’re not around to do it. That’s where pet trusts come in.
The Dog Who Started It All
When I sat down to record this episode, I pulled up an old article I’d written years ago about pet trusts and instantly thought of my dog, Oliver.
I met Oliver in 2012, after someone left him tied to a fence outside an animal shelter overnight. Oliver was the definition of resilient. He survived a coyote attack, a fall off a cliff, pneumonia, and even a run-in with a gang of geese (which, to be fair, might’ve been self-defense). He was the best dog in the universe.
I spent a lot of money keeping him alive and comfortable, and I was lucky that I could. But what would have happened if I weren’t around? Who would have made those decisions for Oliver? Who would have paid for them?
That’s exactly the kind of situation a pet trust can help solve.
What Exactly Is a Pet Trust?
A pet trust is a legal arrangement that lets you set aside money for your pet’s care after you die or become incapacitated. You name a trustee to manage the money and a caretaker to take care of your pet.
All 50 states (and D.C.) now recognize pet trusts, which makes sense given how much we spend on our animals.
Why You Can’t Just “Leave Money to Your Dog”
When Diane Keaton passed away this month, headlines suggested she’d left a large portion of her estate to her dog, Reggie. I don’t know if that’s true, but if it is, Reggie didn’t actually inherit money.
More likely, her estate plan included a pet trust for Reggie’s benefit. The trust would name a human trustee to manage funds and a caretaker to follow Ms. Keaton’s instructions for Reggie’s care.
Lessons from Leona Helmsley (and Her $12 Million Pet Trust)
In one of the most famous cases, hotel magnate Leona Helmsley left $12 million in a pet trust for the benefit of her Maltese, Trouble. A court later reduced it to $2 million, directing the rest to the pet trust’s remainder beneficiaries.
My Own Cost-Benefit Analysis
I have three dogs. Do I have a pet trust? No, I don’t.
I’ve done my own cost-benefit analysis and I’m comfortable with where I’ve landed. But I do keep Pet Information Sheets for each of them—feeding routines, vet info, medications, quirks—and I’ve shared those with the friend who would care for them if something happened to me or my husband.
If I were older, single, or living alone, I would likely create a pet trust. But right now, this system feels right for me.
Estate planning isn’t about doing the “perfect” thing. It’s about doing the right thing for your life, right now.
Listen to the episode here:
