For some, classic cars and family heirlooms number among their most prized possessions. For others, material goods take a backseat to their four-legged friends. Horses can serve as companions, beloved pets, or riding partners and with lifespans of up to thirty years, they can often outlive their owners. This can create issues for equestrians concerned with how and by whom their horses will be taken care of after their passing. Because horses are considered tangible personal property, they cannot take as a beneficiary under a will. In the past, a horse owner’s best option was to leave property to another person with the hope this beneficiary would take care of the animal. In more recent years, a number of states have allowed pets, including horses, to be the object of a trust fund. These trusts can be funded while the owner is alive or upon their death, and may set out specific terms for the care of the horse or pet.
See Richard S. Bernstein, Equestrian Legacy Planning Through Trusts, Newsmax, January 17, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
