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September 2016 Archives

Can the TV show "Modern Family" teach estate planning?

Many Tennessee readers are familiar with the hit television show "Modern Family." The show focuses on the experiences of an extended family, with several different types of relationships featured between the show's characters. That provides an excellent opportunity to discuss various estate planning approaches.

Tips for determining estate administration roles

Many Tennessee families spend a great deal of time and effort creating an estate plan that reflects their wishes. No matter how carefully crafted, however, an estate plan is incomplete without the designation of the party or parties tasked with estate administration duties. When considering who is best suited to perform those roles, Tennessee families should consider professional estate administration services.

Seek flexibility when providing for struggling heirs

One of the most frustrating things for any Tennessee family to go through is when an adult child struggles to find stability. Whether an issue of drug or alcohol dependency or simply a lack of financial responsibility, parents have a hard time knowing how much to help without taking on the role of enablers. The same issue arises in regard to estate planning. Knowing how to best provide for heirs who are unable to provide for themselves can be a challenge.

It's important to take full inventory of personal property

When making estate planning preparations, one of the best ways for Tennessee residents to approach the issue is to place oneself in the shoes of the loved ones who will be tasked with ironing out the details of the estate when the time comes. By looking at matters from that perspective, the need to have a clear and thorough estate plan becomes obvious. One of the most important aspects of estate planning is to create and regularly update a comprehensive list of personal property and assets. After all, it is impossible to dictate the division of assets if it those items of value are not clearly specified.

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