It’s been said that procrastination is the thief of dreams, and the same can be said of not having an estate plan. While some may put off planning for the future until tomorrow, the time to get your affairs in order is today. At the law offices of Chadwick & Trignor, P.C. our Tennessee estate planning attorneys advise clients throughout the middle Tennessee, Wilson County area, in all facets of estate planning and probate administration.
We are highly skilled at preparing a variety of estate planning documents and equally well-versed in the Tennessee’s probate laws. Our experienced attorneys will take the time to understand your financial affairs and tailor an estate plan that best suits your needs. We are also keenly aware that your situation will change over time and we will work with you continuously to ensure your plan is up-to-date and that your wishes are carried out.
Fundamental Estate Planning Documents
The most basic estate planning document is a Last Will and Testament, or a will, which allows you to transfer your assets to people that you select. In Tennessee, it is necessary to designate a personal representative to carry out those instructions as well as to fulfill a number of other responsibilities associated with administering an estate. In addition, a will is the only way to name a guardian to care for your children if you unexpectedly pass away. By not having a will, the courts will make these vital decisions in a way that may not agree with your wishes.
While there are many benefits to having a will, it only becomes effective after it has been probated in court, which can be a lengthy process. For this reason, we often recommend establishing a revocable living trust. Like a will, a trust allows you to transfer assets to your beneficiaries, but it also enables you to plan for incapacity. Another way this document is different from a will is that a trust does not have to be probated. There are a number of other trusts, referred to a irrevocable trusts, that can help you achieve a number of objectives such as planning for a child with special needs or protecting your assets from creditors and estate taxes.
It is also important to plan for incapacity by creating a durable power of attorney that names a trusted individual to manage your personal and financial affairs. Further, an advanced medical directive or health care proxy allows you to designate another person to make health care decisions, according to your preferences, when you are unable to speak for yourself.
Another indispensible estate planning tool is a Living Will. This document declares the type of medical treatment you should receive or do not want if you become terminally ill or permanently unconscious and cannot communicate. Lastly, the law requires the completion of a HIPPA authorization that allows for the release of medical information to medical providers, family members and other designated individuals.
Estate Planning in Tennessee is Our Specialty
Some people in Tennessee think they don’t need an estate plan because they’re not wealthy, are not married, or don’t have children. At Chadwick and Trignor, P.C. we believe that it is essential for everyone to have a well designed estate plan. We know that you work hard to earn a living and provide for your loved ones. By taking the necessary legal measures, you can protect your assets, provide for your loved one and ensure that your wishes are carried out. This is the day to start planning for tomorrow. Call our office today for a free consultation or contact us now.