Thinking about the end of one’s life can be uncomfortable, so many people prefer to simply put off planning for it. Some Tennessee residents might not even feel that it is necessary to think about estate planning when they feel healthy. While this might feel better in the moment, it comes at a cost.
According to a 2020 survey, only 32% of people have a will or some other type of estate planning document. Without an estate plan, surviving family members will have to deal with more costs and a longer probate process. This means that a sizable portion of possible inheritances would get quickly eaten up, leaving beneficiaries with less than what the deceased would have wished.
It is not enough to simply create an estate plan. For example, creating an estate plan as a young adult is a good idea, but it is unwise to leave it untouched over the years. A significant change in relationship status is usually a good time to revisit one’s will, like after getting married or divorced. Welcoming a new child into the family is also a good time to go back and make necessary changes and updates.
No one has a clear picture of the future, so being proactive when it comes to estate planning is often best. Creating or updating a will is usually a good place to start. However, there are many other estate planning options that people in Tennessee may find beneficial. For example, trusts, living wills and powers of attorney can all help round out a person’s estate plan.