An article in today's online Wall Street Journal addresses the question whether you should set up a trust for your pet. At first glance that may seem like a preposterous idea. But think about it. Many pets are practically family members. A pet is property, and will be treated as such in the eyes of the law, meaning if there is no one to care for it, it could be treated as abandoned property. That could result in the pet being sent to the pound or even euthanized.
Since a pet isn't a human, it can't receive an outright bequest of money. If you want to leave money to your pet you will need to establish a trust and appoint a trustee. The trust should give direction to the trustee how to care for the pet and specify how much money is being left to the trust for the benefit of the pet. You might also want to make a "no contest" clause in your will. That clause deletes an heir's share if that heir challenges the will. Such a clause could discourage one of the human heirs from challenging grandma's bequest of her estate to her cat.
