Karl Lagerfeld’s impact on the world of fashion is undeniable, and his legacy will live on for years and years to come. However, the fashion guru spent his time doing more than just designing clothes — he was also designing a very specific estate plan. His estate planning priorities seemed to focus around ensuring inheritances for his named heirs, including his pet cat. While Tennessee pet owners do not need to leave behind millions for their pets’ care, they can still make sure their four-legged friends are well cared for.
In 2018, Lagerfeld spoke with Numero magazine and disclosed that he had named his beloved cat Choupette as one of the heirs to his fortune. The feline is reportedly set to receive as much as $300 million. While Lagerfeld was born in Germany and passed away while living in France, there are plenty of U.S.-based celebrities who are planning to leave a significant sum to their beloved animals.
Former talk show host Oprah Winfrey included all five of her dogs in her estate plan. Winfrey has reportedly set aside $30 million, which should cover grooming, food, vet bills and more for all five of her pooches. However, some people choose to include more than just the basics. Pet provisions such as annual photo shoots and prearranged funeral expenses are also popping up in some people’s plans.
Most people in Tennessee have a deep and loving connection with their pets. For owners, pets are more than just animals — they are family. This makes including pets in estate planning an obvious choice. Some owners choose to use trusts for pet care funds, which allows one person to manage the money while another physically cares for the pet. In other cases, including stipulations in the will might be sufficient.