The only one who loves me is my dog — can I leave everything to him when I die?

Name a guardian for your pet in your will

You can't leave your home behind to your pet because pets can't own real estate. Similarly, you can name a person as a beneficiary of an investment account you own, but pets can't own stocks and bonds.

Simply put, a pet can’t own property because pets are generally considered property in the eyes of the law. But what you can do is name a guardian for your pet in your will and have them inherit these assets with explicit instructions to use them for your pet's care. In doing so, though, you run the risk that your pet's guardian won't follow your wishes.

You also might struggle to find an appropriate guardian. If you're leaving your assets to your pet instead of your adult children, that's unlikely to sit well. So naming one of them to care for your pet upon your passing could backfire.

You should also know that in this type of situation, your family members might contest your will. And they also might win.

In 2008, a New York probate court overruled real estate mogul Leona Helmsley's $12 million gift to her Maltese, reducing the dog's share to $2 million. That's still a lot of dog treats, though.

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Set up a trust for your pet

An option for leaving your estate to your pet with a legally binding obligation to oversee its care is to set up a trust. You can transfer assets into the trust and designate a pet as beneficiary. But you'll need to designate a guardian through the trust as well.

This option can be more foolproof than a will since trusts aren't subject to probate the way wills are. However, you'll need to make provisions for what might happen if your pet outlives its caregiver. Some turtles, for example, can live up to 150 years, so you'll need a detailed succession plan.

You’ll also need to make arrangements in the event that your pet dies but there’s still money left in your trust. In that situation, you have options. You may decide that upon your pet’s passing, your designated guardian will inherit your remaining assets. Or, you could decide to leave the rest of your money to a pet care organization, like an animal rescue.

If you’re not comfortable designating a guardian for your pet – say, no one you know fits the bill — you can work with an animal rescue organization to be your backup. In the event of your passing, the rescue could take in your pet and find it a suitable home. Some rescues will do this for free, especially if you adopted your pet from them in the first place.

You may also decide to pay an animal sanctuary a sum of money in exchange for being willing to take in your pet upon your passing. It’s best to document these arrangements with the help of an attorney to ensure that your pet is cared for properly once you’re no longer around.