What is estate planning?
Estate planning refers to the process by which individuals arrange and direct their property at death, as well as manage and dispose of their property during life. Every estate plan has an objective. However, that objective is different for every person, and it can quickly change at any moment.
Nearly every person has an estate. Your home, car, bank accounts, personal possessions, business interests, and future inheritances are all a part of your estate. These are things that we cannot take with us in the end. A properly constructed estate plan can minimize uncertainty, future costs, and frustration for you and your loved ones.
How do we approach estate planning?
Knoxville Elder Law takes a comprehensive approach to estate planning because most of us do not have “traditional” situations whether we know it or not. There are many available tools, methods, and arrangements that can achieve your goals and fit within your budget. A comprehensive estate plan can be tailored to address life events such as:
Current or future disability
Underage or disabled children
Public benefits assistance
Divorce or remarriage
The birth or adoption of new children
Most of us have faced at least one of these challenges, and a lot of us have either seen or heard about the consequences of having an inadequate estate plan. It is important to discuss your affairs in light of all of the surrounding circumstances that comprise your wishes and your estate. We rarely meet with a client that does not discover new information or possibilities after the initial consultation.
What happens if I die without an estate plan?
Without an estate plan, the State of Tennessee has rules – the laws of intestacy – that will dictate how your property is distributed at death. Aside from the lack of control that is otherwise available to you, many people are misinformed about how their property will be distributed under these laws, or even which property is subject to these rules.
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