I’m an Estate Planner: 4 Wildest Things I’ve Seen Wealthy People Leave Their Heirs
Written by
Cindy Lamothe
Edited by
Levi Leidy
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Wealthy people don’t only spend wildly while they’re living. As it turns out, they’ve also been known to continue their legacy the same way.
GOBakingRates spoke with experts Marty Burbank, elder law attorney and owner of OC Elder Law, and Jonathan Feniak, general counsel at LLC Attorney, to discuss the wildest things they’ve seen wealthy people leave their heirs.
Below, they shared their experiences with what the rich have left behind.
Leaving Behind Wealth for Their Beloved Pet
“As an estate planner and founder of OC Elder Law, I’ve witnessed many unique and unusual bequests,” said Burbank.
He said one of the most memorable instances involved a wealthy client’s decision to leave a sizable portion of their estate to a beloved pet cat, which included providing for its care with a trust fund and appointing a caregiver.
“The estate also stipulated specific luxuries, like gourmet meals and a custom-made pet bed, illustrating people’s deep emotional connections with their pets.”
Feniak has similarly witnessed the same. “I’ve seen a fair share of unconventional inheritance scenarios in my career as an attorney and estate planner. One of my wealthiest clients once left a substantial part of his estate to construct a luxurious home for his beloved pets.”
He continued, “The heirs honored his wishes and created what can only be termed a pet villa, complete with a private veterinarian and a dedicated pet spa.”
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Leaving Behind Wealth To Maintain a Vintage Arcade Collection
Another striking example, according to Burbank, came from a client who left funds to ensure the maintenance of a family owned vintage arcade collection.
“This collection held sentimental value, representing family unity through shared experiences over the years.”
He said the heir overseeing this also received financial instructions to ensure the arcade’s operational longevity, emphasizing the blend of personal legacy and financial planning.
“These cases highlight how estate planning can encompass both traditional and unexpected elements, reflecting the unique priorities of each individual.”
Leaving Behind Wealth To Convert Vintage Cars Into Museum
“Another case that comes to mind involves a client who was an avid collector of vintage cars,” said Feniak.
“In his will, he arranged for his collection to be converted into a museum for the public to enjoy, with the proceeds from the museum tickets directed to a charity focused on education for underprivileged children.”
Leaving Wealth Behind for Their Heirs To Travel the World
One of the more unusual examples Feniak recalled was a client who had a fondness for extravagant trips.
“In his will, he left a considerable budget for all his heirs to go on a round-the-world trip, believing it would foster bonding and make them appreciate life outside their comfort zones.”
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