For some individuals in Virginia, classic automobiles and jewelry are not their most valuable possessions. Instead, they highly value their horses. Thus, it makes sense to create trusts to provide for these prized pets, riding partners and companions after one passes away.
Horses have the potential to outlive their owners, as they may live for between 25 and 30 years. In addition, many owners of horses have many of them. In light of this, the funds set aside to take care of horses in the event of the owners’ deaths might need to last two decades or so.
For some owners of horses in Virginia, establishing trust funds for their pets is important to ensure that their older animals can spend their retirements on farms. Meanwhile, trust funds may ensure that horses that are in their prime can keep taking part in competitions. One trust fund is enough to provide funds for several horses, and the trust will simply terminate after the final animal for which the trust was set up passes away. A trustee is appointed to distribute, hold and manage the funds in the trust according to the stipulations of the creator of the trust.
Setting up trusts, whether for four-legged companions or for human beneficiaries, can be complicated. Unfortunately, this discourages many asset owners from engaging in estate planning even though they are aware of the benefits of it. An attorney in Virginia can provide the guidance necessary to effectively set up a trust that meets one’s needs long term.
Source: newsmax.com, “Equestrian Legacy Planning Through Trusts“, Richard Bernstein and Benjamin P. Shenkman, Jan. 17, 2018