Have you done your estate planning? Have you worked with a lawyer to develop an estate plan but realize it’s out of date? You might know what you need to do, but the task often gets delayed.
In the United States, we’ve become particularly good at putting off planning for death and potential disability. This trend started around 70 years ago when aging and death were largely moved into nursing homes and hospitals. It’s easy to pretend these things won’t happen!
How to Get Started with Estate Planning in Nashville
To begin, see a lawyer who specializes in estate planning in Nashville. Using forms found on the internet is not a good plan. Every state, including Tennessee, has specific requirements for wills and other documents. Local estate planning lawyers know local circumstances, such as the cost of probate, that help you make the right choices.
Will vs. Revocable Trust in Tennessee
With your lawyer’s guidance, you’ll decide whether you need a will or a revocable trust (sometimes called a “revocable living trust”). A will is a set of instructions that takes effect when you die, requiring a process called probate. In contrast, a trust is also a set of instructions that avoids probate and remains private.
If a will suits your needs, you must choose an executor, and it’s wise to appoint a successor in case your initial choice cannot serve. For a revocable trust, you and your spouse (if married) are the original trustees. You must also designate a successor to take over when both of you pass away or become disabled.
Additional Considerations for Estate Planning in Nashville
There are many other factors to consider. For instance, what happens if your grandchildren inherit and they are minors? When should they have access to the money? If any of your heirs have a disability, do you need to create a trust for them?
Estate planning also involves preparing powers of attorney, allowing you to designate an agent to make financial or health decisions if you become incapacitated. These documents are complex, and it’s essential to consult a lawyer to ensure they meet Tennessee’s specific requirements.
End-of-Life Care Wishes
Estate planning includes expressing your wishes about end-of-life care. As long as you have capacity, you make those decisions. But what if you’re in a coma or in the final stages of dementia—what would you want?
When to Update Your Estate Plan in Tennessee
It’s crucial to update your estate plan when significant life changes occur, such as:
- Moving to Tennessee: Tennessee has specific rules about witness signatures. Ensure your out-of-state will is valid here.
- Divorce: Update your plan to reflect changes in relationships.
- Children Growing Up: As children mature, their needs change, and so do your estate planning requirements.
- The Passing of Time: Review your estate plan every ten years, as laws and your circumstances may change.
- Family Changes: Update your plan if your chosen executor or trustee becomes unavailable or if you have new grandchildren.
Creating and maintaining an up-to-date estate plan brings peace of mind. Deep down, we know we will face death or disability. Planning for these events helps you sleep better at night!
Contact Elder Law of Nashville Today
Don’t wait any longer. Contact Elder Law of Nashville to start your estate planning today. Let our experienced Nashville-based attorneys help you navigate Tennessee’s estate planning laws and secure your family’s future.