Karl Lagerfeld’s Complex Will & Making His Cat A Millionaire

Famous fashion designed Karl Lagerfeld died in 2019 leaving an estate expected to be worth in excess of £170,000,000. The exact terms of the Will remain unknown, however, there are seven people rumoured to inherit a share of the estate as well as his surviving cat.

For those familiar with the law surrounding who can be a beneficiary of an estate you will be aware a cat cannot strictly be a beneficiary of an estate. Our previous blog, in relation to the millionaire German Shepherd, named Gunther, considers whether it is possible for a person to leave something in their Will for their pet.

Can I leave my estate to my pet?

In summary, under English Law, it is not possible to leave anything to your cat as pets shall be treated as a tangible asset of a deceased’s estate, in the same way as other belongings owned by the deceased such as a painting or car. On the face of it, Karl Lagerfeld’s cat would instead be seen as an asset of the estate instead of being a beneficiary. Other mechanisms can, however, be utilised in order to achieve the same effect.

Can I leave my pet in trust for someone?

It is possible to leave something in trust for someone, which means that the end recipient will not legally own the asset, but the trustee (the person or persons appointed to manage it for them) will be the legal owner. The trustee must look after the asset for the benefit of the beneficiary.

A Will can create a trust and this will sometimes involve a specific sum being left for the benefit of various beneficiaries, with payments to be made out only at the trustee’s discretion. The person who made the Will (the testator) will also leave instructions or a statement of wishes explaining that the trust fund should be utilised for their pet’s benefit and the money should then be applied when required for the maintenance/care of the pet. With a pet essentially being seen as an asset of an estate this will also require the pet being left to either a trustee or a person who shall be responsible for taking on its care.

Karl Lagerfeld was aware of such restrictions and accordingly left in his Will a sum in excess of £1,000,000 to the person responsible for looking after his cat. Due to the complexity of Mr Lagerfeld’s financial affairs, the administration of the estate continues. It is unknown whether the rumoured beneficiaries have yet received a penny from the estate.