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Skilled Oklahoma Estate Planning And Business Planning Lawyers

What should you consider if you want to create a horse trust?

On Behalf of | Jun 3, 2023 | Estate Planning

For many animal lovers, owning a horse is a dream that’s out of reach. For example, they lack the space and financial resources to provide the care and exercise large animals require. Since Oklahoma is the horse show capital of the world, however, more than a few residents are lucky enough to own these graceful creatures.

Do you know how to continue ensuring their care and protection when you are no longer here to provide for them? With a few careful considerations, a well-drafted legal trust can meet your and your horse’s needs.

Choose the right trustee

This is always critical, but it may be even more so when the trust beneficiary is a large animal. Someone who knows horses and what they need to thrive could help ensure that their needs continue being met.

Have a conversation with your candidates in advance to ensure they are able and willing to act as your trustee. Consider choosing a successor trustee in case your first choice is unable to serve when they are needed.

Fund the trust properly

A trust cannot function if it lacks sufficient funds or was created improperly. Since the expenses associated with the care and upkeep of horses can be considerable, you must ensure that the trust can financially support your animal(s) for the rest of their lives.

Remember to account for recurring expenses such as veterinary care and purchasing supplies for grooming or comfort.

Having experienced legal guidance can offer additional insight into creating a horse trust. That way, you can rest assured that your horses will receive the level of care they deserve after you’re gone.