There are a lot of compelling reasons to try to avoid probate -- not the least of which is tax abatement. Nobody wants to think that a chunk of their hard-earned assets will end up in the government’s coffers. Well, there’s some good news in that regard if you happen...
Estate Planning
Estate Planning
A trust can protect your estate from creditor claims when you die
When you die, an entire lifetime of assets will pass through probate to the people that you love. Your estate plan probably leaves clear instructions about who should inherit which assets. You likely want to leave meaningful and valuable items to your spouse, your...
Who’s responsible for your debt when you die?
Just about everyone passes away with some debt – even if it’s a couple of credit card balances or some medical bills that haven’t been paid yet. However, at the end of 2016, Credit.com reported that Americans had an average of over $61,000 in debt. That’s a lot of...
What should you know about a payable on death designation?
Your estate plan is the roadmap that your loved ones will use to pass along your assets after your death. One of the first things that you have to do when you’re creating the plan is to list all your assets so you know that they all have a place. What some people...
New parents need an estate plan. Here’s why
It’s easy enough to think that you do not need an estate plan if you’re in your 20s or 30s. You know that life expectancy means you’ll likely live until nearly 80 years old. This makes you feel as if you still have at least five decades to get that plan in place. ...
Remember, certain details are best left out of a will
Tennessee residents who are thinking about creating a will are on the right track for getting important affairs in order. You and many others may want to take the time to truly mull over what you want to include in your will and how you could use it to the benefit of...
How can a trust protector help preserve your assets after you’re gone?
When you create a trust as part of your estate plan, you name a trustee. Their responsibility is to manage the trust and disburse its assets to beneficiaries – typically based on the instructions you’ve left. Usually, a trustee is a member of the family or perhaps a...
Why you should think twice about incentive trusts
You love your family , and you’ve done everything you can to provide them with the good things in life. Now that your children (or grandchildren) are approaching adulthood, however, you’re worried that maybe they’ve had things a little too easy. Could the wealth that...
How can you prevent others from contesting your will?
When a person dies, they want to know that their wishes will be carried out in the form of the will that they create. Unfortunately, that does not always go according to plan. Some circumstances may warrant challenges to your will. A probate judge may invalidate your...
What types of wills are valid in Tennessee?
There are a few different ways that a person can make their wishes known about what happens to their assets when they die. Some choose to establish trusts to hand those assets to the proper people. Others might opt to use the will. When creating a will, most people...