The Economics Of Millionaire Pets

September 13, 2015 in Daily Bulletin

Gunther is a dog. Who is worth $370 million. Emily Jane Fox wrote about what happens when a human leaves a vast sum of money to their pets in a will:

  • When a pet owner leaves money to their pet a trust is usually established.
  • The person’s will usually specifies the kind of treatment they expect for their pet, and the trust appoints a caretaker to look after the pet and ensure the departed owner’s wishes are met.
  • The caretaker themselves don’t usually get any money. Instead they have to provide receipts and the trustee has to decide whether or not the expenses are legitimate.
  • After the pet passes away the remaining money will usually go to a charity or to others named in the original will.
  • This can mean that the pet’s caretaker is suddenly unemployed. Therefore upon death the caretaker may go out and buy a replacement pet that looks the same.

Read more here.

Source: Vanity Fair