Nashville Estate Administration Law Blog

Although many people are shutting down their social media accounts in the wake of the recent Facebook scandal, the majority of people have continued their online presence. However, the way we use digital accounts is not only related to social media.

Most of us also have online banking accounts, online digital storage accounts and some of us even have cryptocurrency coins worth thousands of dollars in cryptographic and online blockchain wallets.

According to Tennessee trust laws, animal lovers can use a trust to pay for the care of their animals after they have passed away. These so-called "pet trusts" terminate when the animal dies, or -- in cases where the trust offers care to more than one animal -- the trust terminates when the last surviving animal dies. These trusts, however, may not last longer than 90 years.

Here are some of the provisions included in Tennessee's "pet trust" law:

• Animal owners can create a pet trust to care for an animal or multiple animals for up to 90 years. The trust will terminate upon the death of the last surviving animal associated with the trust.
• The following individuals can enforce the terms of the pet trust so long as the trust has appointed them: a trust protector, a trust advisor or other individuals appointed by the trust. If no person has been appointed, the court will do so.
• Individuals who are interested in the well-being of the animals covered by the trust can petition the court to remove a specifically appointed person and appoint a new person to enforce the trust terms.
• The property held inside a pet trust may only be used as the trust intends it to be used, unless the trust property has a value that goes beyond its intended use. In such a case, the extra property will be distributed to the successors of the trust creator.

The baby boomer generation expects to leave approximately $30 trillion worth of inheritances to their millennial children over the course of the next three to four decades. If you're a baby boomer, you will no doubt be concerned that your small share of this wealth is appropriately transferred. In this respect, the following five estate planning strategies could assist you with your wealth transfer goals:

• Make sure your kids know what they're getting: Your children might think they're going to inherit millions of dollars one day, when maybe they will only receive $100,000 each -- or much, much less. It's important to be open about your estate planning because: it will make sure they don't fight over your assets after you're gone and it will make sure the distribution of your estate goes as smoothly and successfully as possible.
• Consider an equal distribution: You might not want to do it -- depending on your family dynamics -- but an equal distribution is the best way to keep your family together and prevent a will contest lawsuit or estate battle.
• Don't leave things up to the honesty of one sibling: Make sure you phrase your estate documents to legally codify the distribution plan you have in mind. Trusting one sibling to honestly distribute your estate is a recipe for a family disaster.
• Explain your reasoning: Whatever you choose, explain the "why" to your kids. Even if they don't agree, they will be more accepting and respectful of your choices. Try to explain your reasons before you die and include a note with your will to remind them.
• Consider a trust: Trusts are very flexible documents and estate planners can attach specific guidelines and conditions to the money and assets they leave behind.

Although the $30 trillion baby boomer inheritance amount could change -- depending on advancements in healthcare and changes in the economy -- one thing is certain: As a nation, we're approaching a massive wealth transfer. If you want yours to happen smoothly, lawfully and according to your wishes, make sure you fully understand all of the estate planning options available to you.

Countless Tennessee residents never take the time to create an estate plan, and it leaves their family in chaos after they're gone as potential heirs and relatives squabble over how the estate should be wrapped up and distributed. However, of the more responsible Tennessee residents who finalize their estate plans, it's surprising how many fail to take one vital step that can help ensure the peace and sanctity of their families after they're gone. This vital step involves being transparent with their plans.

The more transparent an estate planner is with his or her wills, trusts and other decisions -- particularly with regard to asset distribution -- the more likely his or her family will maintain good and loving relationships after the person passes away. The fact is, no matter what we might assume, our family members have ideas about what they're going to receive from us when we pass away. If these ideas are different from the actual plans we've set in place, it can create resentment, jealousy and feelings of unfairness. It can even cause some family members to distrust a will and suspect that it was not what their loved one actually intended.