Why You Need an Estate Plan – and Why You Shouldn’t Wait
Most people know the most basic idea behind estate planning: it is important that we have our affairs in order in case the unthinkable happens. While everyone knows the importance of building an estate plan, it is frequently just one of those things that falls off the radar. Procrastination is one of the biggest obstacles to setting up our estate plan. We lead busy lives, there is likely no apparent, immediate threat to us, and contacting an attorney to think about end-of-life issues may not be the top way you would like to spend your free time. Some people, unfortunately, believe that whatever happens with their estate after they pass away will be “good enough” – they do not have much to pass down, and they assume their kids will get that anyway.
If you have found yourself thinking this way, our firm would like to discuss a few of the important reasons we suggest that you create a last will and testament, and why it is best to do it sooner rather than later.
Be in Control of Your Legacy
When a person passes away without a will, Tennessee state law will determine who in your family will receive any of your assets. Without a last will and testament the law does not know your intentions, so this means the property could be distributed to people you do not know, or would not want to leave your assets to. Creating a last will and testament may feel nerve-wracking, but it is actually a great way for you to wrest control of what will happen with your legacy.
Be in control of naming who is in charge of administering your estate. Tennessee probate courts will appoint the qualified administrator you name in your will to oversee the collection of your assets, the payment of your debts, and the distribution of your property. Without a will, the court will make this decision without your input. In your will, you can also nominate the person(s) you want to be guardian of your minor children, look after your pets, or administer a trust.
Professional Expertise Can Change Everything
An experienced Tennessee wills and estate attorney can help you identify and manage issues that could arise when it comes time for your heirs to inherit. Does one of your children struggle with addiction? What about money management issues? Strategies exist that enable you to craft an estate plan that helps ensure your heirs’ inheritance will be a blessing, rather than a complication.
There are many contingencies that may not come immediately to mind that an expert attorney can advise you on as well. What will happen if your child and intended heir passes away before you do? How do you want their inheritance to pass on? Or, perhaps, do you own a home that another family member lives on and depends on your assistance? Every estate plan is different because every life circumstance is different. Your legacy and your loved ones deserve an estate plan that works for you and your family, and helps dodge potential complications before they arise.
Make Life Easier
The stress associated with probate and inheritance complications is the last thing that we want to pass on to our grieving family members. Crafting an estate plan is a responsible, painless process that can make a world of difference to your grieving family members. Administering your estate will be much more straightforward, and having a last will and testament in place that expresses your wishes and directs inheritances can reduce family strife.
Contact Fort, Holloway & Rogers
Crafting an estate plan is usually more straightforward, and less expensive, than people believe. The Franklin estate planning and probate lawyers at Fort, Holloway & Rogers have the skill and experience required to help. Contact our office to begin crafting a plan that clearly reflects your wishes and intentions for your estate into the future.
Sources:
extension.tennessee.edu/publications/Documents/SP822E.pdf
people.com/country/wynonna-judd-addresses-rumors-fighting-with-sister-ashley-judd-over-mom-naomi-judd-estate/
