More Famous Pet Trusts
Lessons We Can Learn
Life doesn't always follow a set script, and neither do pet owners when it comes to providing for their beloved companions. In fact, some pet parents have been known to get quite imaginative when planning for their furry friends' future. Even celebrities, with all their resources, can encounter unexpected bumps in the road when it comes to creating pet trusts. Let’s take a look now at 3 more famous pet trusts cases.
David Harper and Red
First up is David Harper. David Harper was a wealthy, reclusive bachelor in Ottawa, Canada. He wasn’t exactly famous during his life. However, he made headlines by reportedly leaving his entire $1.1 million dollar estate to his tabby cat, Red. Just to make sure his wishes were carried out, Harper actually bequeathed the fortune to the United Church of Canada under the stipulation that they take care of Red for him! The ploy worked. Red became a wealthy tycoon and David’s wishes were honored.
Lesson learned:
You can be creative in your approach to making sure your pets receive proper care after you’re gone. Let’s chat about your goals and wishes when it comes to your pets.
Maria Assunta and Tommaso
Now let’s tune in toa four-legged and furry version of the classic rags-to-riches story. Maria Assunta was a wealthy Italian widow Maria Assunta. She rescued a stray cat from the streets of Rome and gave him a proper home and name: Tommaso. As Assunta’s health failed, she tried for several years to find an animal organization to care for Tommaso. When no suitable organization was found, Assunta left her estate valued at $13 million directly to the cat in her will. She also named her own nurse as caretaker. Maria passed away in 2011 at the ripe old age of 94. She was assured that her beloved Tommaso would be well taken care of after she died.
Lesson learned:
The best way to ensure the care of your pet is in writing, with a proper estate plan.
Patricia O’Neill and Kalu
Now, cats are not the only would be wealthy fur baby heirs. Let’s look at Patricia O’Neill, daughter of British nobility and ex-spouse of Olympian Frank O’Neill. Patricia designated a fortune worth $70 million to her chimpanzee, Kalu and other pets, in her will. Or, so she thought. It was discovered in 2010 that the heiress herself was virtually broke, thanks to the shady dealings of a dishonest financial advisor. So, when she died, her pets did not become wealthy. This story provides perhaps the most famous example of a pet trust gone dry while the owner is still living.
Lessons learned:
You can only give away what you have. If caring for your pets after your death is important to you, make sure your financial plan is in line with your estate plan and that you’ve taken appropriate steps to oversee your advisors.
Contact Us
Establishing a pet trust is the best way to ensure that your beloved pets receive the care they deserve after you pass on. To learn more about your options, give us a call today.
