You should consider your livestock as assets in estate planning.
Are you a rancher?
If yes, you are no stranger to preparedness.
When working the land and livestock, you must think through potential issues well before they happen.
According to a recent Beef Magazine article titled, “Are your livestock covered in your estate plan?,” estate planning is essential to being prepared.
You need to know what you have.
Take inventory of your house, your land, and your money.
Do not end there.
You need to also consider your equipment, personal items, vehicles, and livestock.
And valuing your livestock will be important.
Your heirs may not know how much your purebred herd sire cost, let alone the value of semen in the tank.
To combat this you should keep an itemized list with associated dollar values.
You may also consider a livestock trust.
You can give specific instructions regarding what should be done with the livestock and the resources to care for them.
You should also include the vet and nutritionist contact information for the cattle.
Remember to designate reliable individuals to feed and care for the animals, too.
If you plan to sell after you die, you should hire someone with experience to oversee this.
Your heirs may be those you select.
On the other hand, your heirs may not want anything to do with the ranch.
You need to make preparations now—while you are alive.
Work with an experienced estate planning attorney to ensure your livestock and your loves ones are protected.
Reference: Beef Magazine (December 14, 2018) “Are your livestock covered in your estate plan?”