Proper estate planning protects your interests and provides direction to your loved ones. It ensures that your wishes will be followed and spares your family members from your belongings being divided by state law or divisive conflicts.
A Trust is a legal arrangement in which a party holds legal title to property for the benefit of another. The main reasons that individuals place their property into trusts are the tax and probate benefits. A trust avoids probate and allows heirs to receive from the estate immediately. A trust makes sense if you own property in another state.
Call our estate planning attorneys today to see how you can best protect your property.
Many people assume their spouse or family members will "take care of things." Other people never draft a Will because they think estate planning is only for the rich or the elderly. Putting off these important matters can have disastrous results.
Every individual or couple should have basic estate planning documents in place:
A Will — This declares your beneficiaries and what each will inherit if you die. Without a Will, your estate could be divided in unintended ways according to Tennessee succession law.
A Living Will — This declares your specific wishes regarding end-of-life care and organ donation.
Power of Attorney for Health Care — This lets you designate the person who you wish to make health care decisions for you in the event you can no longer do so for yourself. This document is not just an end-of-life document and is important to have in place in case of an unforeseen accident or illness.
Power of Attorney for Legal and Financial Matters — This document lets you designate the person who you wish to handle your legal and financial matters in the event you can no longer do so for yourself. Again, this document is not just an end-of-life document and is important to have in place in case of an unforeseen accident or illness.
Trusts — Trusts are often established within your Last Will and Testament. For example, you may choose to leave a large gift to a minor that will be held in trust and managed by a Trustee for the minor's benefit. Our Clinton estate planning attorneys will help you designate what you want those funds used for and at what age you wish the funds to be turned over to the beneficiary.
An experienced lawyer will sit down with you to discuss your desires, your concerns, and your options so that your documents will cover all of your needs.
We extend a free initial consultation. Call 865-457-9100, or contact us online.
