Pet trusts have become more and more popular as Tennessee estate planners wish to leave financial assets behind to care for their beloved animals. In most states, however, a pet trust will only remain valid for 21 years after the death of the pet owner. Some pets could live much longer than 21 years, though -- like birds and turtles. Fortunately, Tennessee pet trust law accounts for the possibility of a pet with this kind of longevity.
Tennessee estate planning laws allow for the creation of a trust that serves to care for an animal that was living while the trust planner was alive. Also, unlike other states, Tennessee law allows for the pet trust to continue being valid for as long as the pet is still alive -- or a maximum of 90 years, whichever comes first. It's rare for anything to live longer than 90 years, especially pets, so it's likely that the 90-year limitation will ever need to apply to either you or your pet.
Pet trusts are particularly good for elderly Tennessee residents who are worried about the costs associated with caring for their animals. Such a resident might have a great person in mind to leave his or her pets with after death, but the pet owner might not want to place a financial burden on the pet's future caretaker.
Fortunately, Tennessee estate planners regularly draft pet trusts on behalf of their clients. If you have a pet that you want to make sure gets well-taken care of after you've passed, the law office of Mary C. Lagrone can create a pet trust that is especially suited to your needs.