Estate Planning

What happens to your horse in the time between your death and probate of your will? When your will actually goes through the probate process, will your wishes regarding care of your horse be enforceable? Will they be honored by the probate court?
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You’ve owned your horse, Midnight Star, for two years. One day you come across a newspaper column. It describes a tragic automobile accident in which several people died. You suddenly realize that if something like that happened to you, you would want someone to take care of your horse. You talk to a friend who agrees to take care of Midnight Star for as long as the horse lives. You agree to set aside enough money in your will to cover the reasonable and necessary expenses for upkeep of the horse. You write a will, placing the horse and $70,000 in trust, naming your friend as trustee, to care for your horse until it dies.

Unfortunately, you die before your horse does. It will take some time for your will to be probated. Meanwhile, Midnight Star needs food, water, and a clean stall. What happens to your horse in the time between your death and probate of your will? When your will actually goes through the probate process, will your wishes regarding care of your horse be enforceable? Will they be honored by the probate court? Maybe. Maybe not.

Problems with plans to care for a horse or other pet frequently come to light only after the owner’s death, when it might be too late to correct them. With careful planning and sound legal advice, however, you can prevent most of these problems. The suggestions in this article relate primarily to horses owned for pleasure. Some of these ideas also can apply to horses owned for business, but in that situation, there are estate planning and tax considerations that are beyond the scope of this article

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Written by:

Karen L. Perch, PhD, JD, is a partner in the Lexington, Ky., law firm of Perch & Toby. She currently practices law in the area of estate planning administration and has written several publications related to personal finance.

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