Horse Trusts

Horses can live into their 30s and tend to be quite costly—both these factors make proper estate planning for these animals exceptionally important. While horse sanctuaries exist to help care for a horse in the event of its owner death or incapacitation, many of the sanctuaries are at capacity. If proper estate planning steps are not taken, horses may be given to an unwilling relative of the owner or sold at auction following the owner’s death.

One way to ensure for the care of a horse is to create a pet trust. Like most trusts, the owner can fund the pet trust with life insurance or other assets. The owner selects a guardian to care for the horse—ideally someone familiar with the horse or someone with experience with horses. Pet trusts should include specific instructions for the horse’s care and any information relating to the horse’s temperament, health, and food preferences. However, it is important to review relevant state laws before creating a pet trust as not every state recognizes pet trusts.

See Veronica Dagher, Stable Value: Putting Your Horse in a Trust, The Wall Street Journal, Mar. 7, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

For more information on planning for your pets, see Gerry W. Beyer & Barry Seltzer, Fat Cats & Lucky Dogs – How to Leave (Some of) Your Estate to Your Pets (2010).