Estate Planning for Pets: Oprah Proudly Leaving $30 Million Behind

Ever wonder what would happen to your pets if you passed away? Media mogul Oprah Winfrey is taking no chances with caring for her beloved dogs, cats, and other animals. As part of her estate planning for pets, she is leaving behind $30 million.

According to Forbes, Winfrey’s net worth is $3 billion, so she can leave a hefty amount behind for the care of her pets. She and millions of other pet parents worldwide ensure the well-being of their non-human family members long after they pass.

Winfrey isn’t the only celebrity leaving millions behind for pet care. Billionaire Leona Helmsley left $12 million aside to care for her Maltese, Trouble, upon her passing. You don’t have to be a celebrity or have millions of dollars to care for your pets after leaving this earth.

Here’s what you need to know about estate planning for pets and how it works.

What is a Pet Trust?

Because the law views animals as property, people cannot leave money or other property behind for their pets. However, pet parents can ensure their animals have proper care on their passing.

A pet is a more expensive option than a will, but it allows people to have a legal document in place for their animals’ care. A caretaker must follow your instructions, or they can be sued.

According to Nolo, a trust document should include: Pets to cover Caretaker name Amount of money to care for named pets

• How to care for the pet with specific instructions
• Name a person to go to court and enforce the terms of the trust if necessary.
• State what should be done with any money left over when the animal dies.
• Describe how your pet should be cared for if you can't care of your pet before your death.

Can I Name My Animals in a Pet Will?

"I do not recommend putting your pet in a will," Attorney Kristina Bergsten of The Animal Law Firm told People. She continued, “Pets are considered property in all 50 states." 

She also recommends pet owners set up a pet trust instead. She does state that pets can be a part of a couple’s prenuptial agreements, though.

Bergsten indicates that written agreements about pet custody, whether you are married or not, are essential. She calls them “pup-nups” and says unmarried couples often benefit from having one in place.

"Let's say you are in a relationship, you cohabitate, and you and your partner adopt a pet together during the relationship. You lived together for several years, and then the relationship ends," she indicates, without a pup-nup to prove who agreed to ownership of the pet, then the judge "will decide in favor of whoever's name is on the adoption paperwork."

Pet Guardians and Funding

Deciding how much money your pet gets on your passing isn’t simple. Leaving too much money behind can create its own set of problems.

According to the Wall Street Journal, an animal’s life expectancy is a significant factor. In the case of Leona Hemsley, despite leaving $12 million behind, a court reduced the amount to $2 million. 

One pet parent the WSJ interviewed stated she left behind $120,000 in a pet trust to care for her cats. At the time the trust was created, the woman had 12 cats. As of this writing, she has six cats plus two fosters.

She named two ‘cat people’ as caretakers on her behalf. The people know they will receive money when she dies and that a safety net of money is in place to care for her pets. She also feels safe knowing she engaged in estate planning for pets.

Legalities of Estate Planning for Pets

If you share life with pets, leaving money and specific instructions behind via a pet trust can be life-saving and provide peace of mind. Here’s a step-by-step guide to protect your pets’ future:

Choose a trusted caregiver: Inform them and be sure they agree to care for your pets upon your passing. 

Put everything in writing: Before visiting a lawyer, create a document that includes all the dos and don’ts, foods, medicines, etc., about each pet. Never let anyone guess what your pets like or do not like, can have, or should avoid.

Seek legal advice: It’s best to meet with a lawyer who specializes in pet trust. A pet trust is a legal arrangement that sets money aside, names the caregiver(s), and lays out detailed instructions. 

Set funds aside for future pet care: Start saving right away. This includes food, treats, veterinary costs, grooming, toys, emergency costs, and anything else your pets need (i.e., pet sitter fees, boarding costs, etc.) 

Tell people about your plans: Start an “In case of emergency” plan in writing. Tell your friends, family, veterinarian, and the caregiver about this document. 

Follow state law: According to Charles Schwab, all 50 U.S. states and the District of Columbia have statutes that recognize pet trusts, though the specifics can vary. For instance, some states may limit the trust's duration or impose other restrictions. Consult with an estate planning attorney familiar with your state’s laws to ensure the trust is valid and enforceable.

For more about estate planning for pets, visit our resources: What Will Happen to Your Cats When You Die?

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