http://money.msn.com/family-money/article.aspx?post=7d6c20f1-fdc6-4db1-90b5-4e9d64d3755eItalian cat becomes hairy heir
A former stray cat in Rome joined the ranks of the world's
richest animals when its owner left it $13 million.
By Giselle Smith
Mon, Dec 12, 2011 6:17 PMIt's hard to imagine an heir more indifferent to his huge inheritance than
Tommaso.
The 4-year-old Italian black cat -- a former stray on the streets of Rome -- is apparently now the richest cat in the world, according to the
International Business Times.
Tommaso inherited an estate worth $13 million when its owner,
Maria Assunta, died two weeks ago at the age of 94,
The Telegraph reported. Assunta was the widow of a property tycoon, and had no children or living relatives.
Assunta's estate included a large bank balance and property in Rome, Milan and Calabria, but Tommaso's care was entrusted to the nurse who cared for the cat's owner in her final months. In fact, because Italian law doesn't permit animals to inherit property, the attorney for the estate gave the cat and his fortune to Assunta's former nurse.
Tommaso now lives with Assunta's caretaker,
Stefania, at an undisclosed location outside Rome. "I had no idea the signora had such wealth," she told
The Guardian.Other famously wealthy petsTommaso is the latest in a long line of pets that became millionaires upon the death of their wealthy owners.
Leona Helmsley's Maltese,
Trouble, was probably the most famously wealthy pet when his owner died in 2007, leaving $12 million to the dog. The dog itself passed away in June, at the age of 12, and the money reverted to the
Helmsley Charitable Trust,
The Street reported.
Other rich animals include
Alexander McQueen's dogs ($82,000) and
Michael Jackson's chimp,
Bubbles ($1 million).
Oprah Winfrey's dogs are set to inherit $30 million, according to
Woman's Day.
However, none are as wealthy as an Alsatian dog named
Gunther IV, who inherited a fortune worth about $372 million from a German countess, according to
The Guardian.
Increasing popularity of pet trustsAn increasing number of pet owners are seeking to make provisions for their pets in their wills, according to
Gerry W. Beyer, a professor at
Texas Tech University School of Law.
"It is something that has gone from almost a comical thing to something that people take very seriously and want…. People are sometimes more interested in taking care of their pets than their families," Beyer told the
Chicago Tribune.
A pet trust is a legally sanctioned arrangement that provides for the care and maintenance of one's pet (or pets) when its owner dies or becomes disabled. Funds are left in the care of a trustee, who can care for the pet or identify a caretaker.
According to Beyer's website,
ProfessorBeyer.com, a trust might cover:
Food, toys and cages
Grooming
Socialization
Medical care
Compensation for a caregiver
Guidelines for how the caregiver should document expenses
Instructions for disposal of the pet’s remainsMost states have enacted pet trust laws, but specifics vary by state. Some impose funding limits, and a few limit the duration of the trust to 21 years -- a potential hardship if the deceased's pet is a parrot, which can live up to 90 years.
A list of 44 state pet trust laws is available on the
ASPCA website.
Alas even someone as wealthy as Helmsley can't always get what she wants when it comes to leaving money to a pet. Though she famously left the bulk of her estate to the dog, a judge reduced the $12 million bequest to about $2 million. In addition, the judge overturned her directive that the charitable trust be used for animal welfare, and allowed the trustees to distribute Helmsley’s assets to any charities they chose, according to the
Washington University in St. Louis newsroom.
Furthermore, Helmsley had requested that Trouble be buried in the mausoleum beside her and her late husband, Harry Helmsley, but by law, animals cannot be buried in human cemeteries.
What will happen to your pets when you die? Have you considered creating a pet trust to care for them?
Topic: Animals In Our Lives (Read 1152329 times)