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.
In the best of circumstances, everyone will honor the terms of the will left by your deceased loved one, and your loved one will have made those terms exceedingly clear and easy to follow. However, complicated issues can arise during the probate process that interfere with the swift and easy dispensation of an estate. For example, more than one will might exist, or the will on file might have been signed under duress. These kinds of issues could result in the validity of the will being challenged.
Let's say that you want to leave a large portion of your estate to an heir who is -- in your opinion -- less than financially responsible. You might be concerned that your heir will quickly spend all of the money that he or she receives. You might also know that with a sound financial strategy, the money you leave behind will be enough to last your beneficiary for the rest of his or her life.
Tennessee residents know they should have a completed estate plan in place. Nevertheless, considering the day of your death is not something anybody wants to do and often the process is put off until it's too late. If you're reading this article, on the other hand, you're probably the more responsible variety of estate planner, and you're about to get this important job done.
Children and certain adults with special needs require important decisions to be made by someone else on their behalf. During the probate process for a deceased Tennessee resident's estate, individuals who are children or who have disabling challenges, may also require a special representative who can advocate for them in court. This representative is referred to as a guardian ad litem.
Do you consider yourself largely free of being responsible for other people? If so, then you are one of many Tennessee residents eschewing tradition by creating your own American dream. Often, this means living life without children. Even married couples choose not to have children, instead living their lives free of dependents. This means there is no need to worry so much about estate planning, right?