Many people worry about what will happen to their cat if the cat outlives them. Such worries have contributed to the trend of including cats in wills. While you cannot directly leave money or property to a cat, you can earmark money for funding their care.
Perhaps the most outrageous example of a cat in a will is Tommaso. Tommaso was a black stray cat, adopted by an Italian property magnate. The magnate left her entire fortune of 10 million euros to her nurse, because the nurse committed to take care of Tommaso. Other unique instances of cats being accounted for in a will include…
Barry Seltzer, a lawyer and co-author of Fat Cats & Lucky Dogs: How to Leave (Some of) Your Estate to Your Pet, told the Globe and Mail that most pet-related requests in wills are straightforward. People leave a lump sum to a person who will take care of the pet.
Seltzer also described a more complex option: a trust fund for the cat. Trust funds help ensure that the cat gets the care requested in the will. With a trust fund, typically three people are given a role. A trustee is assigned to manage the money set aside for the cat. A caretaker is assigned to take care of the pet, and submit the expenses to the trustee. And an enforcer ensures the will is being followed and the money is not being mishandled, acting as a watchdog. Once the cat dies, a will usually sets out what is to happen to the remaining money.
What could happen without a plan in case your cat outlives you?