You might assume that you don’t have enough money or own enough property to require an estate plan. But what about the assets and property you do own? Those will go somewhere when you pass away.
The truth is that you already have an estate plan in place – sort of. If you die without a will, your property will be distributed according to Tennessee law. If you’re like most people, you probably don’t like the idea of the government making these decisions for you. This is one of the many reasons why it is worth the time and effort to make an estate plan.
It is also important to remember that an estate plan is more than just a will. With the help of an experienced attorney, you can plan for every contingency and eventuality that you are likely to face, including:
- Creating an advance medical directive, stating your wishes for end-of-life medical care if you ever become unable to make or communicate those decisions yourself
- Designating durable power of attorney, a person you trust to make financial decisions for you if you become incapacitated
- Creating one or more trusts to help you better control how your assets are distributed
- Written wishes/directions for funeral and burial arrangements
- Financial planning to cover funeral and burial expenses to reduce any financial burdens your loved ones may face
- Appointing someone to serve as the executor of your estate
If you need any more convincing that estate planning is right for you, consider the fact that an estate plan can greatly reduce or eliminate the need for probate, which will save your family time, money and a lot of work. It could also minimize tax liabilities and other costs, allowing you to maximize the estate assets to be passed to heirs and beneficiaries.
No matter how modest you believe your estate to be, it is your property and you should get to decide what happens to it. If you have questions or are ready to get started planning your estate, contact our firm today to speak to an experienced attorney.