What happens to money left to an animal in a will?
Wednesday, January 18th, 2012 at
7:41 am
I just read that Leona Helmsley left her dog $12 million in her will. What happens to that money after the animal dies? Since animals can’t write wills, who gets to claim the money? Does it go to the state or the bank or what?
Tagged with: Animal • happens • Left • Money
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the money is used for the care of the dog. then when the dog dies, the money is going to some charity.
first answer is correct. Leona had to place the money in trust with the instructions to care for the dog, the trustee who she named would ultimately be the person responsible for carrying out these wishes. usually there would be a successor trustee and a director to ensure her wishes are followed as laid out in the trust document. there would typically then be a clause that would name a successor beneficiary or beneficiaries who would be entitled to any remainderment of the trust after the dog croaks.