Most horse owners are well aware of the financial obligations that come with their unique hobby. From vet bills to riding lessons, Ontario equestrians often face a hefty price tag and a myriad of responsibilities. Among these is the need to create estate plans that address the future of horses in case something happens to their owner, including naming a guardian and providing adequate funds.
The cost of horse ownership can be quite high, both in terms of monetary investment and time spent caring for the animals. Among the costs to consider are boarding, medical care including dental bills, as well as riding lessons and show expenses for those for whom equestrianism is a hobby. Horse owners often spend between $6,000 and $25,000 per year on their animals, not including the time invested.
While this may be a cost an individual owner is willing to bear, it can become tricky in estate planning. Owners must find a guardian for their horse who has the time and hopefully space to care for the animal. Additionally, they should plan to leave a trust to cover expenses to care for the animal.
Horses can live 30 years and cost hundreds of thousands over their lifetimes, so long-term planning is important for Ontario equestrians. While it may not be possible to name a guardian for the life of a horse, a caretaker should be designated, and enough money to care for the horse until it can be resold should be set aside in a trust. Ontario horse owners who need support with estate planning should contact a lawyer with experience in these matters.