Comedian Joan Rivers did a great job taking care of her family in her will – including her pets.
Rivers had a simple estate plan. Dying unmarried, she left the bulk of her estate to her sole daughter, Melissa, and her grandson Cooper, according to a story on dailyfinance.com. She also used a family trust to buy her Manhattan apartment.
Her estate was valued at $150 million, according to the story.
It also noted that Rivers made sure that the dogs in her life would be cared for after her death. She had two rescue dogs that lived in her New York apartment and two other dogs in California.
While the story did not say how Rivers specifically took care of her dogs, it mentioned that pet trusts are a popular way to do so and don’t cost much as you might think. Such trusts let you make specific arrangements about the type of care you want them to have and how their money will be managed.
There are more than one kind of pet trust you can use. Traditional trusts allow you to make very specific arrangements about what you want. A statutory pet trust is simpler and does not list specific duties and responsibilities of caretakers. It simply lets caretakers use their discretion.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
