Horse owners are dedicated to their equine partners, often making personal sacrifices to ensure their horses are well cared for by veterinarians, farriers, and trainers. Horses are pampered with warm blankets, massages and carefully thought-out exercise programs. Regardless of the equine discipline, most owners put their horses first, before themselves, devoting enormous sums of money to their care and substantial amounts of personal time to fostering their partnership.
Yet many owners have not planned for their horse’s future in the event they die or can no longer provide care. Owners can achieve peace of with minimal planning if they consider a few important factors about what should happen to their horses after their death. Here are four steps all horse owners should think about:
1. Consult an Attorney
Consider an attorney who specializes in trusts and estates and, if possible, is also familiar with horses. An attorney who understands horses has an advantage because they recognize the unique costs, obligations and considerations associated with providing for a horse’s future care.
Depending on the complexity of the situation, it also may be worthwhile retaining an equine attorney who can work with a trusts and estates attorney to address all concerns in preparing the appropriate documents.
2. Define Realistic Goals
An owner must consider what is in the horse’s best interest, as well as the limitations and abilities of whoever who will be designated to carry out the owner’s wishes. The owner should decide whether they want the horse to be sold, donated, gifted to a friend or family member, or retired, along with any other scenarios that may arise upon their death.
Consider trusted family members, friends or equestrian professionals capable of making specific decisions in the horse’s best interest. Speak with them in advance and confirm they are willing to help carry out your wishes and that the necessary financial resources are available.
3. Consider the Horse and Potential Options
An owner can take many factors into account in their planning process, such as whether the horse should be sold by a particular agent, donated or retired. The future care of the horse and/or the proceeds from its sale will also depend on numerous variables. For instance, is the horse a competitive show horse or a pleasure companion? What is its estimated market value? Is the horse old or young? Does the horse have any vices or specific veterinary needs? Those who agree to accept responsibility for the horse should know those needs in advance.
4. Financial and Practical Considerations
Financial needs are inextricably linked to any planning for a horse’s future care. An owner should consider all potential costs involved in achieving their goals for the horse and whether it is feasible to meet these needs. The decision of whether it is realistic to maintain a horse after the owner’s death or if the horse must be sold may depend on the owner’s financial situation and their ability to provide lifelong care for the horse. The owner’s financial profile will likely dictate the nature of the planning of what can be done after their passing.
If you have concerns about your horse’s future and well-being, clarify your goals and discuss viable options with family, friends, and trainers. Consult an attorney who can meet your needs to determine if a plan can be developed to give you the necessary assurance in case you predecease your horse.