Lauren Tara LaCapra
Plenty of pet owners want to make sure their beloved Fido is taken care of once his master is gone. But not all of them realize that Fido has about as many rights to inherit cash as the "Beware of Dog" sign on the lawn.
Specific laws vary from state to state, but pets are considered property by the government and therefore cannot inherit their owners' estate. Forty-nine states and Washington, D.C., have adopted or proposed some type of "pet trust" regulation, according to the National Association for Biomedical Research. Earlier this summer, California Gov. Arnold Schwarzenegger signed into law a measure that changed its rules from honorary to enforceable. However, 13 states still do not have a comprehensive, enforceable code -- a worrisome fact for pet owners across the country. Regardless of where you live, the Humane Society suggests choosing at least two responsible friends or family members who agree to take care of Fifi once you're gone. If you're in a state without formal post-mortem pet care laws, you might want to consider bequeathing the estates to that trusted guardian, on the condition that she uses it for the care of the animal. The late hotel heiress Leona Helmsley, and her 9-year-old Maltese, Trouble, provide a chilling example for pet owners of what can happen when proper planning is not put in place. Helmsley bequeathed $12 million to Trouble in her will, with another $5 billion to $8 billion of her estate to go into a fund for canine welfare. She left two of her grandchildren out of her will completely (for "reasons which are known to them") and required the other two to visit their grandfather's grave and sign a registration book if they wanted to receive their $10 million.
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