A Stitch in Haste

In case you're wondering, qua financial voyeurs, whether Leona Helmsley really did "leave $12 million to her dog," here's some pop law for you.

--There's no such thing as including a pet in a will; an animal of course cannot own property and therefore cannot inherit property.

--What you can do is establish an "honorary trust," in which an administrator is designated to spend part of the money in a certain non-charitable way (e.g., for the pets).

--In New York State (where Helmsley's will is being probated), "for the pets" is in fact the only permitted use of an honorary trust. The funds must revert back to the estate within 21 years or when all the animals have died. NY EPTL 7.8-1

--But: "A court may reduce the amount of the property transferred if it determines that amount substantially exceeds the amount required for the intended use." Does $12 million "substantially exceed the amount required"?

--As for disinheriting two of her grandchildren, more power to her. Generally speaking, anyone can disinherit any relative — even minor children, to some extent — with one glaring exception: One cannot completely disinherit a spouse. The law (generally) requires that a lawful spouse receive at least a portion of an estate. This rule — called "elective share" — varies from state from state; in New York it's basically one-third of the assets.

Yet another way that gays are disadvantaged in states without marriage equality (not to mention intestacy laws generally, which are specifically meant to protect spouses and to spare couples the expense of drafting a will).

For Discussion: My adoption contract for Diamond specifically requires that she, qua chattel, revert back to the ASPCA if I cannot care for her for any reason — which of course would include my death. My family is aware of this. So I have no need to set up an honorary trust for her. Anyone out there have one for their pets? Anyone considering establishing one?