Why Millionaires Are Passing Their Fortunes to Their Pets: From Karl Lagerfeld to Leona Helmsley

The Times reported an increasing trend of people leaving their inheritance to their pets upon passing.

Karl Lagerfeld, the chief designer of the French luxury brand Chanel, who passed away in 2020, $1.3 million to his cat, Choupette.

In 2007, American billionaire real estate investor Leona Helmsley left $12 million to her Maltese dog, Trouble, when she passed away. Her two grandchildren were reportedly excluded from the inheritance.

According to Co-op Legal Services law firm, one in eight people who inquire about drafting a will express a desire to leave their assets to their pets.

Seamus O’Brien, a lawyer at the firm, stated, “More people are making property plans considering how their deaths will affect their pets.”

Wealthy individuals often establish separate foundations or trust institutions to ensure their pets receive their inheritance.

For those concerned about costs, a more common approach is to designate someone to care for their pets after their death and leave their assets to that person. Legally, pets are considered personal property and cannot directly inherit assets.

Meanwhile, legal experts caution that leaving too much wealth to pets can create problems after the owner’s death. They advise specifying who will inherit the assets and how the pets will be cared for after the owner’s passing.