Putting together your estate plan is one of the most important things you will ever do. An estate plan can consist of a will, power of attorney, medical directive and many other items that protect you, your spouse and your heirs should you become incapacitated and when you die. Let's discuss the mistakes you need to avoid when choosing your beneficiaries.
A British beer company has been making beer with the moniker Elvis Juice, and the estate of Elvis Presley feels that they are hijacking the King of Rock's brand. The estate of Elvis Presley launched a lawsuit against BrewDog, a beer company that produces the beer called Elvis Juice. BrewDog recently won the lawsuit and it will get to continue using the name.
Serving as the executor of an estate, personal representative or the estate administrator can involve a lot of time, work and dedication. In fact, the duties could be so overwhelming in the case of a large and complicated estate that you don't have time to do anything else -- like your job. If you are managing an estate like this, you can have the estate pay you for your services.
Continuous estate planning refers to staying on top of your estate plan to ensure that it doesn't become obsolete. No one's life and no one's family is a static, unchanging entity. People die, people get married, children are born and people get divorced. All of these life changes could necessitate changes to your estate plan to ensure it reflects your current wishes.
Smart estate planners don't simply stop at a last will and testament. Your estate plan will not be complete until you have, at the very least, drafted a power of attorney. Your power of attorney documentation gives a trusted person the authority to make vital decisions on your behalf if you become incapacitated -- perhaps due to an unexpected medical event.
When residents in the Davidson region of Tennessee are asked to assume the role of estate administrator, the wise ones give the matter serious thought before answering. If the answer is yes, you can be sure these individuals have weighed the scenario to the best of their ability and found they were up to the challenge. Unfortunately, the experience for many turns out to be more than they expected, leading to frustration and hardships on a personal level.
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.
Many Tennessee parents open their hearts and their homes to their children's friends. On occasion, friends are even invited along on family vacations or other trips. Planning for these trips involves shuffling schedules, contacting parents, and making sure that everyone is on track to have a great time. However, it is also important to consider adding a minor's power of attorney to the planning process.
Digital estate planning is on the rise, and there are a number of applications available for those in Tennessee who are interested in creating and storing their estate plans online. At the same time, the media is full of stories of digital piracy, where personal information is stolen, bought and sold in the pursuit of identity theft and other crimes. Many people are wary of putting their personal planning documents in a digital format in a way that both protects their interests and also makes estate administration easier when the time comes to make use of those plans.
The primary purpose of most estate planning efforts is to provide support to loved ones after an individual has passed away. When a family includes a child with disabilities, it becomes even more important to ensure that there are adequate financial protections in place to support that child for the duration of his or her life. This can lead to estate complexities, and Tennessee families in this situation should consult with an estate planning professional to chart the best possible course of action.