I’ll represent the interests of your family like they are my own.
Call For A Consultation (423) 456-4778
I’ll represent the interests of your family like they are my own.
Call For A Consultation (423) 456-4778
Creating an estate plan is one of the most important steps you can take to protect your assets and ensure your family’s future is secure. In Tennessee, estate planning involves more than just drafting a will—it includes understanding different legal documents, how assets are transferred, and the role of trusts.
This guide will walk you through key estate planning basics, including:
As we go through life, we naturally accumulate things—whether that’s financial assets like homes, cars, and other valuables, or sentimental items that hold personal meaning. This is the foundation of our wealth. When we pass, most of us want to leave these things to the people we care about. That’s where an estate plan comes in.
An estate plan is important because it helps ensure that your assets are distributed according to your wishes, avoiding potential disputes among family members. More importantly, it limits how much the state can take from your estate if no plan is in place.
Without an estate plan, things can go wrong. For example, consider a real-life scenario where a father remarried and named his wife as the beneficiary of his life insurance, with her sister as the secondary beneficiary.
After both the wife and father passed away, the life insurance money went to the estranged step-aunt instead of the father’s only heir—his daughter. As a result, she was left without the resources needed to manage her father’s estate.
To prevent situations like this, where unintended people gain control of your assets, and to keep the state from deciding how your estate is divided, having a well-thought-out estate plan is key.
In order to begin effective estate planning, you need to get all relevant documents together. You need to know what insurance coverage you have, what investments and retirement accounts you have, and you need to know the property you own, whether it is personal property or real estate.
Having these documents ready will give you and your attorney a clear picture of what needs to be addressed in your estate plan. While it’s helpful to gather this information in advance, your attorney can guide you through understanding the nature and implications of each asset.
When sitting down with an attorney to plan your estate, there are several essential documents to discuss. Each serves a specific purpose: to make sure your assets are managed according to your wishes and that your loved ones are cared for.
These core documents include:
The goal of these documents is to create a comprehensive safety net that covers various potential situations as you age.
For instance, in a highly publicized case in Florida, a young woman’s family became embroiled in a legal battle over whether to continue life support after she was declared brain dead. If she had outlined her wishes in a living will, her family could have avoided the emotional turmoil and conflict.
By putting these key documents in place, you ensure your family is protected from unnecessary hardship and your assets are distributed according to your wishes.
While some attorneys may suggest setting up elaborate trusts, most people don’t need them unless their financial situation is particularly complex. By focusing on the basic estate planning documents, you can achieve peace of mind and security for yourself and your loved ones.
Trusts have become increasingly popular in estate planning, but they aren’t always necessary for everyone. In Tennessee, the two main types of trusts are:
While trusts can serve specific purposes, I often steer away from recommending them except in certain situations – because many of the goals that a trust can achieve can also be accomplished with a well-structured will.
Trusts require a trustee to manage the assets, which often comes with additional fees and complications. And even though you may set up a trust to protect your assets, Tennessee’s rule against perpetuities means that trusts can’t last forever. Eventually, many trusts will require court involvement to be dissolved, which could cause delays or other issues for your family.
For most people, a will is sufficient to handle their estate planning needs without the added complexity of a trust.
While DIY will kit or online estate planning tools might seem convenient, they can’t provide the personalized advice you need to ensure your estate plan is legally sound. A cookie-cutter approach simply won’t account for your unique circumstances or meet all of the legal requirements in Tennessee.
For example, Tennessee has specific rules about what makes a will valid and acceptable in probate court. If a DIY document doesn’t meet those standards, your will could be challenged, creating more problems than it solves.
Additionally, these online services lack the level of detail and care that a professional estate planning attorney provides. It’s a bit like trying to perform surgery on yourself after reading a manual—it’s just not worth the risk. An attorney ensures that your estate plan is tailored to your needs and that all legal requirements are met, giving you peace of mind and protecting your loved ones from potential complications later.
My family-focused approach is rooted in active listening and empathy – because I understand that estate planning can be uncomfortable for many people, especially since no one likes to think about the end of life.
Often, men, in particular, feel like they have plenty of time to handle these matters, thinking they are invincible. I saw this firsthand with my father, who spent 46 years working in the cemetery industry, selling pre-need items, yet passed away without taking care of anything for himself.
You would think someone in that field would have created an estate plan – but the first time I learned anything about estate planning was when I joined the Army and had to create a will. Understandably, those experiences deeply influence how I work with people today.
When clients come to me, they rarely know much about the road ahead. My goal is to guide them through the process with personalized advice that fits their unique situation. The truth is, estate planning isn’t just about creating a will—it’s about understanding the full scope of someone’s life and making sure their wishes are honored both inside and outside of probate.
For example, most people think that a will keeps you out of the court process. In reality, what you put in your will is what has to be probated. Many assets—like retirement accounts, bank accounts, and life insurance policies—don’t need to pass through probate. Instead, they can be distributed based on beneficiary designations, which are often overlooked.
Because of this, I make sure to remind my clients of the importance of regularly updating their beneficiaries or “pay on death” (POD) designations. This ensures that those assets go directly to the intended recipient without court involvement.
By taking a holistic approach to my clients’ financial lives, I help them ensure that every part of their estate—whether it’s subject to probate or not—reflects their wishes. Through thoughtful conversations and attention to detail, I work to give my clients peace of mind that their loved ones will be taken care of, no matter what.
For more information on Estate Planning In Sweetwater, Tennessee, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (423) 456-4778 today.