estate planning
The value of a good estate plan is peace of mind. Estate Planning is the process of appropriately titling your assets and beneficiary designations, naming the people in charge during your incapacity or death, and directing the transfer of your assets. A proper Tennessee estate plan includes powers of attorney for healthcare and financial matters, a last will and testament, a living will, and, in certain cases, a living trust.
benefits of estate planning
- Avoid a Guardianship. Prevent assets from going directly to minor children and causing an expensive and time-consuming guardianship proceeding.
- Minimize Administration Expenses. Include language in your will or trust that streamlines the administration of the estate and reduces expenses.
- Avoid a Conservatorship. If you fail to plan, you may find yourself in a costly conservatorship proceeding where a Judge will determine the people in charge of your assets and healthcare.
- Protect Assets. Use testamentary trusts to protect assets from your children’s creditors (read divorcing spouses) and, sometimes, your children.
- Avoid Probate Court. Through proper titling, beneficiary designations, and living trusts, you may avoid a probate court proceeding altogether.
- Obtain Peace of Mind. Once you have your plan in place, you can enjoy life without the worry of what tomorrow holds.