Tennessee residents know they should have a completed estate plan in place. Nevertheless, considering the day of your death is not something anybody wants to do and often the process is put off until it's too late. If you're reading this article, on the other hand, you're probably the more responsible variety of estate planner, and you're about to get this important job done.
When creating your estate plan, there are few things that can help you create the most appropriate plan possible:
-- Think about the person who will manage your estate: Decide who is going to be your estate representative or executor. Be sure that this person is up for the task and capable of the task. Perhaps your children aren't the best choice, but a trusted brother or sister can handle your estate more responsibly.
-- Get flexible with your vision: Estate planning laws are constantly changing. It seems that with every new political administration, important changes are made to tax law and other issues that require a change in one's estate preparations. Review your estate plan every year with your attorney to see if any adjustments need to be made.
-- Don't forget to fund your trust: It's hard to believe, but many Tennessee residents will do all the work with their attorney to create a trust that suits their estate planning needs, but they forget to fund the trust. Always double check with your estate planning attorney to ensure that you've funded your trusts the right way.
-- Consider death insurance instead of life insurance: Life insurance comes with a lot of bells and whistles that you might not need. If all you want is a death benefit to benefit to provide your family with income after you die, life insurance might not be appropriate. Death insurance is far less expensive and it gets the job done for 99 percent of families.
Tennessee estate planners should also consider getting help from a professional. Tennessee families can benefit greatly from contracting an experienced estate planning lawyer to help with wills, trusts and other estate planning documentation.
Source: thestreet.com, "5 estate planning tips for the rest of your life," Brian O'Connell, Feb. 22, 2017