Holding your new baby for the first time brings an overwhelming sense of joy and an instinct to protect them at all costs. Estate planning might feel like a distant priority right now, but in Tennessee, a will is one of the most meaningful things you can do as a new parent to safeguard your child’s future, no matter what happens.
Naming a guardian for your child
The most important provision you can include in a will is the nomination of a legal guardian. Without one, a Tennessee probate court must step in and appoint someone based on its view of your child’s best interests – a decision that may not always reflect your true wishes. Naming a trusted friend or family member in your will is the most direct way to help ensure someone you choose raises your child in an environment that reflects your family values.
Appointing a trustee for the inheritance
In Tennessee, minors cannot legally own significant property or directly inherit large sums of money. Without a plan, a court will intervene and assign a financial guardian to manage those funds until your child reaches adulthood.
To address this directly, you can use your will to set up the following:
- Testamentary trust: Allows a named trustee to manage the inheritance until your child reaches an age you determine.
- Custodial account: Appoints a custodian to oversee the assets on your child’s behalf. This option is simpler to set up, but it strictly terminates when your child turns 21.
You can structure either option to reflect your specific wishes for how and when your child receives their inheritance.
Selecting an executor for your estate
An executor manages your affairs after you pass, paying final debts, filing paperwork and distributing your property according to your wishes. For new parents, this choice is just as important as naming a guardian. The person you choose must stay organized, remain financially responsible, and handle the probate process competently during a difficult time. A poor choice can delay the settlement of your estate and ultimately affect what your child receives and when.
Seeking professional guidance for your family
Drafting a will that holds up in court requires more than filling out a form. In reality, failing to meet Tennessee’s strict signing and witness requirements can easily invalidate a will. While online templates are widely available, they often miss state-specific nuances or the unique needs of your family. Working with an experienced estate planning attorney can help make sure your documents are properly executed, giving your child the protection they deserve from the very start.