Many Nevada residents provide for their pets after death, but horses are often far more valuable than the family pet. People own horses for competitions, races and breeding, which can all be lucrative and make the horses worth a substantial amount of money. What happens to these horses after the death of their owners can be set forth through estate planning.
The beauty of estate planning is that it can often be tailored to an individual’s needs. Whether a person wants to bequesth the horses or have them sold, documents can be drafted to express those wishes. In other cases, horses that have special needs or are older might be given to someone trustworthy. Money for the care of these horses can be left in a trust.
Estate planning documents can also outline the disposition of an individual’s equine business and any land owned for it. This requires another set of questions, starting with how the business is owned. If there are partners, the agreements signed when the business was formed could control what happens to his or her portion of it. Depending on what those documents say, the individual could need to choose who will be his or her successor if the business — or an interest in the business — will not be sold.
Owning horses is a gratifying experience for many Nevada residents, and making sure they are cared for after death is a primary concern. Estate planning can ensure that their wishes are carried out. Wills, trusts and other documents can be drafted and executed to care for the horses in what the individual believes will be best for them.
Source: thehorse.com, “Estate Planning Tips for Horse Owners“, Erica Larson, July 12,