As much as how we think of our pet as near human, in law, pets cannot own any piece of property as it is considered a property itself. Therefore if you leave any form of property in a will to your pet, it will most likely go to the next beneficiary in line. So if you had a cousin who hates pets but loves riches, and you have no other next of kin, chances are that your pet hating cousin will get the estate. If there is no next of kin, then don't go jumping for joy as your pet simply cannot take care of itself and therefore must be under some type of supervision. The courts may appoint a trustee to take care of your pet if needs be.
When a trust is setup for your pet. It appoints several persons to oversee the well being of the animal. Money can be dispersed to these individuals who all have different roles to play in the animals well being. Lets look at some of these people who may be appointed to care for your pet when you pass:
- The trustee is suppose to be the most trustworthy person as he/she controls the inheritance and decides how the money is to be paid out according to the different needs of the pet.
- This is the person whom the pet will have most interaction with. The caretaker looks after the pet and is given money to ensure that the necessary bills are paid and the pet remains healthy and happy.
- This person keeps a close eye on money disbursement to ensure that the funds are not misappropriated. So that the animal receives every penny in care it deserves.
What Happens To Your Money When Your Pet Dies
Who really knows? I am giving you the best answer and probably the most realistic. The thing is, swindling your pets inheritance is a very easy thing to do. If all three caregivers are corrupt, then the funds will be misappropriated and no one will be held accountable for such. Lets look at easy ways how money can easily be swindled when you leave inheritance for your pet.
How To Set A Proper Inheritance For Your Pet
After you pass, there is not much you can do as a pet owner but simply hope and wish for the best as you cannot control what will happen. Your pet is special to you and people who are placed in positions to take care of the animal once the owner passes should do so whole heartily.