Nashville, TN Estate Planning Lawyers Providing Families with Legal Services As They Plan for the Future
If you’re focused on protecting your family for years to come, estate planning may be on your mind. Having a will, trust, and other estate planning basics in place can allow you to breathe a sigh of relief when you think about how your family will fare when you’re no longer here. If you need help figuring out where to get started on the estate planning process, let our Nashville law firm help.
When you approach our experienced team for assistance preparing for the future, you’ll get the legal advice of an estate planning attorney eager to create a comprehensive estate plan that meets all your needs. Contact our estate planning law firm to schedule an initial consultation with a Nashville estate planning attorney.
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What Should Your Estate Plan Include?
You should begin estate planning by getting to know what elements your plan should include. Many families need more than one or two estate planning tools to secure their future. After all, each option serves a unique purpose, such as protecting specific assets and preparing for certain events that might occur in life.
Your Nashville estate planning lawyer will advise you on which estate planning documents would best serve your needs. It’s helpful to know that the most commonly used ones include:
- Last wills
- Living wills
- Living trusts
- Advance health care directives
- Life insurance
- Funeral and burial plans
- Durable power of attorney
- HIPAA authorization
- Guardianship designations for minor children
When you get help from a law firm, your estate plan will address your specific needs for your family’s future. If you’re ready to learn which estate planning options suit you, contact our trusted Nashville law firm for legal support.
How Does a Living Will Differ from a Last Will?
A will is one of the most popular estate planning options, so you should consider making one. But first, you should learn whether you need a living will, a last will, or both.
Last wills specify which loved ones will inherit your assets when you pass away. As such, when you write this document, you need to designate which beneficiaries get which assets, such as real estate, cars, jewelry, artwork, bank accounts, and other belongings. You can also use this document to designate a guardian for your dependents, including minor children and pets. In addition, you’ll need to appoint an executor to carry out the wishes in your will. This document only goes into effect when you pass away.
By contrast, a living will explains your preferences regarding your health care if you’re too ill to tell your doctors yourself. In fact, this document only takes effect when you’re incapacitated and unable to communicate. Living wills are often called advance health care directives, as they outline preferences regarding common medical issues like feeding tubes, ventilators, organ donation, blood transfusions, pain medication, and more.
How Do Trusts Work?
Another common estate planning essential is a living trust. With this arrangement, you transfer your assets to a trust to be managed during your lifetime and eventually distributed to your beneficiaries when you pass away. When you add property to the trust, you transfer ownership, which has several benefits.
First, you’ll have a lot of control of your property with the trust, since you can specify important terms that must be met before any asset is distributed. For example, you can state that your children only get their inheritance when they turn 21 or graduate from college. Depending on the type of trust you create, you can remain in control of it until you pass away, at which point a designated trustee will take over and ensure your assets are distributed according to your wishes.
Another benefit of a trust as part of an effective estate plan is protection from creditors, since the trust becomes the owner of anything you transfer to it. This can keep your beneficiaries’ creditors from going after the assets in the trust. The fact that you don’t technically have ownership of anything in the trust can also save you money on taxes, since you’ll have less taxable income.
Additionally, many estate planning attorneys in Nashville, Tennessee recommend trusts because they can avoid the probate process. This is a legal proceeding that starts after you pass away. During probate, the executor of your will or a personal representative will take inventory of your belongings, pay any debts and taxes you owe, and distribute assets to your beneficiaries. Probate proceedings can last six months to one year, or even longer if there are complications. This means your loved ones will have to wait a while to get the assets you left them, and they may need to involve a probate attorney during this legal process.
Probate proceedings are public and can become costly if legal issues arise. So when it comes to estate planning, probate is something to avoid if possible. While last wills are required to go through probate, trusts are not, which is why your Nashville estate planning lawyer may recommend this option. To learn more about protecting your estate, contact our firm for estate planning legal services from attorneys knowledgeable about the law in Tennessee.
How Can Nashville Estate Planning Attorneys Help You?
When you call Brighter Day℠ Law for estate planning advice, you’ll get high-quality legal services from attorneys who have been helping clients with estate plans for years. Whether you have questions about assigning a durable power of attorney, avoiding the probate process, or getting help with trust administration, our experienced team can assist you.
Throughout our legal career, we’ve offered estate planning services to clients across Tennessee, ensuring individuals and business owners alike can talk to skilled lawyers about their legal needs. During our time at our estate planning law firm, we’ve advised clients on everything from business litigation to estate administration, so feel free to contact us for legal answers from a caring attorney.
At Brighter Day℠ Law, we realize you’re busy and don’t have time to sift through the many estate planning tools available. That’s why we encourage you to contact our Tennessee law firm to sit down with a trusted estate planning attorney who will make recommendations based on your specific financial situation and your goals for your estate plan.
When you arrive at our firm for estate planning services, our attorney will advise you on what to include in your estate plan, from life insurance to a durable power of attorney. A skilled lawyer will help you decide on the details involved in these estate planning tools while ensuring you understand how each option will help protect your future.
If you have questions about our legal services or are ready to talk to a lawyer about preparing an estate plan, contact our firm at (615) 437-8808. Our team would be happy to help you make long-term plans that will benefit your family, so call our firm to talk to a lawyer as soon as possible.