When a person dies and leaves their estate to their cat, dog, or parakeet, what really happens to the money?
Let’s say it’s someone with a significant estate. A million dollars left to the pet dog. How is the money managed and distributed? And after the dog dies, then what? Assuming the person does not leave provisions in their will to donate the money to a charity, or something else that would distribute the money appropriately, does the state end up with it?
Leona Helmsley famously left $12 million in trust for her dog. The amount was reduced by the surrogate judge with the majority of the amount given to her charitable foundation (which also received the bulk of the remaining part of her estate).
In general, though, I assume that anyone with a substantial estate would specify how the money is to be used for the pet’s care and what is to happen to the money once the pet dies.
The estate executor will control how the money is specifically used for the stated purpose (IANA lawyer). There are charitible foundations that have more money ear-marked for pets and animals that can be used in any practicle manner. I think in many cases the decedent is sending a message to their ‘apparent’ heirs.
It’s not that different from leaving funds to minor children. A trust would be set up. Ideally, a trustee would be appointed by the testator; and when the testator died, the trustee would be able to provide funds to a caregiver for the care of the animal. Of course, the testator would make provisions for the remainder of the trust (if any) when the pet died: charity, gifts to friends and/or family, and so on.
Unless the estate is particulary small, I would doubt that the whole estate could be left in trust to the pet. The amount must be reasonable, or (as has already been noted), it can be successfully challenged. A “reasonable” amount would depend on the pet: is it a show dog who needs extra care from groomers, or is it a beloved mutt who never sees a groomer? Regardless, trusts are good tools in that they make it possible to provide for the care of a pet after the owner’s death.
Animals can’t own things, any more than they can vote, marry or commit crimes. Animals are property themselves.
So you can’t gift money to an animal, or leave it money in your will. What you can do is leave money to some person or institution on condition that they care for and pamper your selected animal for so long as it lives. What happens to the money after that? It depends on what the terms of the gift or bequest specify.