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Planning for Your Horses

If you have horses, then you can plan for them in your estate just like you would plan for any other property. However, since horses are not exactly like other types of property, you might want to consider treating them differently.

People who own horses tend to think of those horses as some of the most important things in their lives. The horses often represent valuable investments and require large sums to maintain.

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Horses are no different legally than a car. You cannot leave an inheritance to your horses, so they can simply take care of themselves after you pass away. Traditionally, estate law did not allow for anything other than leaving the horses to an heir as property.

Another option exists today as Newsmax discusses in "Equestrian Legacy Planning Through Trusts."

You can now set up a trust for the benefit of your horses. You can put assets into the trust and leave directions for how those assets are to be used to take care of your horses.

A trustee can then be appointed to make sure your wishes are carried out, when you are no longer around to care for your horses. This will ensure that there is a legally enforceable way for you to make sure that the horses are cared for as you want.

If you would like to get a trust for your horses or any other pet, visit an estate planning attorney.

Reference: Newsmax (Jan. 17, 2018) "Equestrian Legacy Planning Through Trusts."

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