We all know that Leona Helmsley left a sizable sum in her will to provide for the care of her beloved pooch. Well, there is a bill in California that is making its way to Governor Schwarzenegger's desk that will enforce "horse trusts" established by horse owners in the state to provide for their equines.
SB685, sponsored by the San Francisco Society for the Prevention of Cruelty to Animals, repeals the current law, replacing it with this version that makes these horse trusts enforceable. It is a great thing for horse owners in the state who have the foresight to provide for their horses and it eliminates the issue of heirs who don't maintain their duties. According to the SPCA, this bill ensures that those whom the trust designates are protected and cared for as the owner intended. The California law provides for a human advocate for the equine beneficiary--in other words someone who has the best interests of the horse at heart--as well as a trustee who handles the money and a caretaker who provides for the horse's day to day care.
One way to fund these trusts has been through life insurance proceeds. According to James Harrison, a San Francisco attorney who specializes in these trusts, "A typical 20 year fixed term $200,000 policy for a healthy 40 year old woman costs roughly $200 a year in fixed premiums." This set up also establishes the care for the animal outside of the person's estate and makes it exempt from probate should that occur.
California would become the 38th state to establish these enforceable equine trusts. To see whether or not they exist in your state check out this website, where you will also find more information about the concept.
A little bit of foresight is indeed worth a lot of peace of mind.
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