Estate planning is the process of making decisions and arrangements for the management and distribution of your assets after your death or incapacity. Estate planning typically involves creating legal documents such as wills, trusts, and powers of attorney to ensure that your wishes are carried out and that your loved ones are taken care of in the event of your death or incapacity. Probate is the process of settling someone's estate in court.
A last will and testament is a legal document that outlines how a person's property and assets will be distributed after their death. It is a critical part of estate planning and allows a person to have control over what happens to their estate after they die.
It's important to review and update a will periodically to ensure that it reflects any changes in the person's wishes or circumstances. An experienced attorney can provide guidance on drafting a last will and testament that meets the person's individual needs and goals.
A trust is a legal entity that allows you to transfer assets to a trustee, who manages the assets for the benefit of the trust's beneficiaries. Depending on the type of trust, it may provide asset protection and tax benefits.
In Tennessee, a trust can also allow your heirs to bypass the Probate process. This means that your heirs can receive your bequests sooner and without the expense of probate. A trust is a useful tool for people of all income levels to take care of their loved ones.
One important tool in estate planning is the power of attorney. A power of attorney allows you to appoint someone you trust to act on your behalf in the event you become incapacitated or unable to manage your affairs. A medical directive is commonly referred to as a "living will." It spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
Our experienced attorneys can assist you in creating a power of attorney and medical directive that meets your specific needs and goals. We'll work closely with you to understand your unique situation and develop a tailored strategy that meets your goals and budget. By working with us, you can expect personal attention and effective representation from start to finish. In addition, we can assist you in reviewing and updating your power of attorney as your circumstances change over time.
One important aspect of estate planning is beneficiary designations. A beneficiary designation is a legal document that specifies who will receive your assets, such as retirement accounts, life insurance policies, and bank accounts, after your death. It's important to ensure that your beneficiary designations are up to date and accurately reflect your wishes.
We'll ensure that your beneficiary designations are legally valid and that your interests are protected. In addition, we can assist you in coordinating your beneficiary designations with your overall estate plan.
we understand that estate planning can be a complex process that involves a wide range of legal and financial issues. One of the key considerations in estate planning is the potential impact of estate taxes on your assets and beneficiaries.
Estate taxes are imposed on the transfer of your assets at your death. In Tennessee, these are only at the federal level. These taxes can have a significant impact on your estate and your beneficiaries. It's important to work with an experienced attorney to understand your estate tax liabilities and to develop a strategy to minimize their impact.
Probate court is a court that handles the legal process of settling a deceased person's estate. The primary role of probate court is to oversee the distribution of assets, payment of debts and taxes, and the transfer of legal title to property to the beneficiaries or heirs of the deceased person.
Probate court oversees the process of collecting and inventorying the deceased person's assets, paying off any debts, taxes, and expenses owed, and distributing the remaining assets to the heirs or beneficiaries.
The probate process can be lengthy. We also help clients avoid probate court through estate planning strategies such as trusts or beneficiary designations.