Estate planning for horses? Certainly. In fact, as Jenny Montgomery discusses in the Indiana Lawyer, since 2005, Indiana residents have had the option of creating a trust for the benefit of pets. The pet trust bill was originally introduced by an attorney specifically for the benefit of several clients who wanted to provide for their horses. The concept of an equine trust? Making sure a horse continues to enjoy, after the owner’s death, the quality of care to which it is accustomed.
How does a pet trust work?
- Each trust is created to provide for the care of one animal. It must be an animal alive during the settlor‘s (person who establishes the trust’s) lifetime.
- The trust automatically ends when the animal dies.
- Either a person is named to carry out the terms of the trust, or one may be appointed by the court.
- The pet owner sets aside funds in the trust, to be used for the care of the animal.
Adding your wishes for taking care of your horse to your will may not be sufficient, thehorse.com explains. It will take some time for your will to be probated. And, will your wishes be enforceable and honored by the probate court? Thehorse.com. recommends preparing a letter of last instructions, giving someone permission to come onto your property and take care of your horse from the date of death until the will is probated, and explaining if there is an equine trust set up.
“If you have a client or know someone that rides a horse, owns a horse, or has a business that involves horses in any way at all, you may be surprised at just how many legal facets are involved,” read the preview of a special session at a recent legal education conference.
Our work at Geyer Law is dedicated to helping clients provide for those they want to comfort after they die, including the equine pets who have comforted them!
- by Rebecca W. Geyer