If you are a horse enthusiast and owner, the estate planning process could be a little different for you where your equine friends are concerned. You may consider setting up an equine trust to help ensure they receive proper care and support even after you’re no longer able to provide it yourself.
When selecting an equine trustee, several important considerations come into play to ensure the well-being of your horses. These include the following.
Familiarity with horses
Your chosen equine trustee should ideally be familiar with horses and understand their behavior, needs and care requirements. This could come from owning, working with or actively participating in equine activities. This familiarity ensures they can make informed decisions and communicate effectively with caregivers and professionals to meet your horses’ needs.
Back-up plan
In the event your chosen trustee is unable to fulfill their duties, it’s essential to have a backup plan in place to ensure the continuous care and support of your horses. This backup plan could involve appointing a successor trustee who possesses similar qualifications and attributes as the primary trustee, helping ensure a seamless transition of responsibilities. Alternatively, you may consider outlining a contingency arrangement in the trust document, specifying a process for selecting a replacement trustee or trustee team.
Financial responsibility
A horse trust must be considerably financed to ensure the ongoing care and well-being of your equine companions. This includes covering expenses such as feed, veterinary care, farrier services, boarding and any unforeseen medical emergencies or special needs your horses may have. Choose a trustee with financial competence to manage these funds wisely and adapt the plan as needed for your horses’ well-being.
The choice of a trustee requires careful consideration and may benefit from legal guidance to ensure compliance with relevant laws and regulations governing trusts and the welfare of animals.