Call To Schedule a Free Consultation
Toll Free 800-645-9625
Local 732-518-8038
A Compassionate Full Service Law Firm
Evening and Weekend Appointments Available

Livestock owners have a unique estate planning concern

Many estate plans are drilled down to naming who will get what assets. For people who own livestock, there is a need to ensure that those animals are cared for after the owner passes away. This isn't always easy, but it might be a better option than the beloved livestock going to the slaughterhouse or being sold to the highest bidder.

One thing to remember is that not everyone is going to be able to meet the needs of livestock. Horses, cows and other farm animals need special care. If the animals have been used for breeding or are valuable, they might have very specific needs.

When you are creating an estate plan, be sure to include instructions for the animals. If you have a family member or friend who can take over the care and operations that come with the farm life, you might be able to get him or her to handle things when you are gone. If not, you will need to find an organization to take over the livestock.

There might be times when neither of those options is possible. If you are in this position, you might make plans for the livestock to be sold off after your death. This can maximize the revenue that your beneficiaries can enjoy. You must ensure that you choose a place to sell the livestock that will take the animals' needs and history into account.

If you do plan to leave your animals to loved ones, you might need to provide for their care. You can set up trusts to do this, but you must ensure that they are specifically set up for the livestock. All of this should be included in a well-rounded estate plan.

While you are at it, you might need to plan for what will happen to trophies or awards if your livestock have won any that are valuable. This might help ensure that your legacy lives on.

No Comments

Leave a comment
Comment Information

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.