October 30, 2025 / Press
Elizabeth Acevedo Discusses Estate of Diane Keaton With Wealth Management
Elizabeth Acevedo recently spoke to Wealth Management about the estate of late actress Diane Keaton, including speculation that Keaton left her golden retriever, Reggie, $5 million in trust.
Pet trusts are becoming increasingly popular amongst owners who wish to provide care to their animals upon their passing. Since animals are legally considered property and are unable to inherit money, specific characteristics need to be established for a pet trust to be valid, and laws can vary by state.
“Pet trusts are valid under California law, [where Diane resided], and they create a legally binding obligation to care for the pet(s) identified in the pet trust,” Beth tells Wealth Management. “To be valid, the trust must identify the pets, either by name or class (for example, ‘all of my dogs living at the time of my death’), for whose benefit the trust is created, the person or corporate entity that is named as trustee of the trust, and the beneficiaries who will receive any assets left in the trust after all of the identified pets pass away,” she continues.
Importantly, Beth notes that, “The trust also should provide guidance on the type of care that the trustee should pay for with trust assets (for example, veterinary care, including specialists, walking services, grooming services, specialty food, boarding, etc.).”
She concludes by sharing that it is still more common for pet owners to appoint an individual to inherit their pets and award those individuals with the financial support needed to provide care.