When creating an estate plan, you'll spend most your time thinking about what will happen to your assets, such as your home and bank accounts, after your death.
If you're not happy with the way you were treated in your loved one's will, don't feel guilty or bad. It could be that the will was not legally valid. It could be that the will was not what your loved one actually wanted. It could be that you have a viable will contest claim to make that would allow you to receive your just inheritance.
Although many people are shutting down their social media accounts in the wake of the recent Facebook scandal, the majority of people have continued their online presence. However, the way we use digital accounts is not only related to social media.
According to Tennessee trust laws, animal lovers can use a trust to pay for the care of their animals after they have passed away. These so-called "pet trusts" terminate when the animal dies, or -- in cases where the trust offers care to more than one animal -- the trust terminates when the last surviving animal dies. These trusts, however, may not last longer than 90 years.
Every asset left to a relative by way of a will needs to go through probate proceedings. This means that your relatives will have to weight to receive their inheritances. It also means that your relatives will be subject to time-consuming and often stressful legal proceedings.
Prince fans and those interested in estate planning law have been paying close attention to the difficulties experienced by the heirs of the late pop musician. There have been numerous battles between people who claim to have the right to inherit part of Prince's estate and also between various business people who claim to have a right to part of Prince's estate. The fact that Prince died without finalizing a will or estate plan has made the navigation of his estate and the probate process exceedingly complicated.
It's not easy to talk to your family about your death. As a result, you might never get around to explaining your estate planning goals to your heirs. This can lead to a lot of confusion and problems after you're gone.
Pet trusts have become more and more popular as Tennessee estate planners wish to leave financial assets behind to care for their beloved animals. In most states, however, a pet trust will only remain valid for 21 years after the death of the pet owner. Some pets could live much longer than 21 years, though -- like birds and turtles. Fortunately, Tennessee pet trust law accounts for the possibility of a pet with this kind of longevity.
A will is not a "static" document. At different points in your life, you'll need to change or update your will, perhaps depending on the number of children and grandchildren you have, your marital status or other changing life circumstances that could affect both your estate and the people who will inherit your estate.
A recent survey conducted by the Institute for Private Investors and the Wilmington Trust discovered that approximately 67 percent of individuals are afraid to share information about their estate plans with heirs. Many of these individuals say that they don't want to disempower or demotivate their heirs.