The 5 Most Important Estate Planning Documents

Planning for death may seem morbid, but it’s a necessity for most folks. Most people will likely only need four or five estate planning documents to establish a comprehensive estate plan. However, complex medical needs, capital structures, and real estate may require a bit more detailed planning.

How To Provide For Your Pet After You Die

How are pets factored into estate planning? In terms of the law, your pet is considered your property and, like your properties and assets, will be inherited by your heirs or beneficiaries. If you are wondering how to incorporate your pet into your estate plan, the following information can help ensure they are cared for after your death.

How To Avoid Family Disputes Over a Will

A will is one of our primary ways of ensuring that our loved ones are cared for after our death. However, in some cases, conflicts over inheritance can result in the exact opposite. For that reason, many parents want to learn more about the actions they can take to avoid family disputes over their will.

What’s the Difference Between a Probate Attorney and an Estate Planning Attorney?

If you have landed on this page, you may well know that estate law is complex. Only 33% of Americans have created estate planning documents to help their heirs distribute their property after death. It’s no surprise, then, that disputes arise in families and heirs quite often in the United States. Most of these disputes are between siblings and involve property or land. With such a breadth of cases, there are multiple areas of practice that attorneys focus on.

How Much Does an Estate Planning Attorney Cost? [2023]

Estate planning is an extensive and sometimes intimidating legal field. While you likely want to ensure that your estate ends up benefiting your loved ones, doing so can be a lengthy and tedious process. For that reason, many people choose to enlist the aid of an estate planning attorney.

How Long Does It Take To Create a Trust?

This article delves into the key elements that determine and impact trust establishment timelines, exploring the complexities involved and providing information on how an estate planning attorney can help streamline the process. Whether you are considering the establishment of a trust or seeking to deepen your knowledge of estate planning, understanding these factors is crucial to protect your financial legacy.

7 Tips for Writing an Explanatory Letter for Your Will

To clarify the content of your will, consider adding a letter prefacing your will in which you provide information regarding the inheritance of your estate or emotional reasoning for your decisions. In your explanatory letter, you (the testator or owner of the will) will have the chance to provide an explanation for your last wishes regarding your estate.

How Is a Revocable Living Trust Different Than a Will?

Estate planning is a complicated process, and there are many different options. One of the most common questions people have regarding estate planning is whether they should prepare a will, a revocable living trust, or both, and the differences between the two.

What Happens to My Debts When I Die?

Having debt in life is stressful enough, but can it follow you into eternity? Well, not exactly, but your debts do not just disappear when you die. Financial stress can be difficult, and the statistics can be rather gloomy. One Experian survey reported that 73% of U.S. citizens in 2016 passed away with some form of debt. Luckily, if you are reading this article, you still have time to plan. Read along as we go over the common types of debts and the associated laws and break down what an estate planning lawyer can do to ensure your assets go where you want and your family is taken care of. 

7 Steps To an Effective Estate Plan

To help you take proactive steps to secure your legacy, we present seven crucial steps to crafting an effective estate plan. By following these steps, you can ensure that your wishes are upheld, your loved ones are cared for, and your assets are distributed according to your desires.

When Do I Need a Lawyer for a Will or Trust?

In this article, we examine the compelling reasons why seeking the guidance of a lawyer for estate planning is essential. From minimizing tax implications and avoiding probate complications to ensuring proper guardianship for minor children, a lawyer specializing in estate planning brings expertise and knowledge to navigate the intricacies of the process.  

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Estate planning is subject to complex tax and estate laws. An estate planning attorney can help navigate wills, trusts, philanthropy and tax liability.

How To Hire An Estate Planning Attorney

10 Questions To Ask an Estate Lawyer After a Loved One’s Death

We have compiled a comprehensive list of the top ten questions you should ask an estate lawyer after a loved one’s death. These questions are intended to serve as a starting point for your discussion with an attorney, empowering you with the knowledge needed to make informed decisions.

To report non-emergency cases in Knoxville, contact its Police Department at (865) 215-7450.

To obtain a copy of the police report, you can visit the Records Unit of the Knoxville Police Headquarters, located at 800 Howard Baker Jr Ave. You can bring your blueprint accident information card to help expedite the process.

It is important to start estate planning early while you are still in good health and able to make decisions. Here are some of the key things to consider:
-Designating beneficiaries for your assets: This will ensure that your assets go to the people you want them to go to.
-Naming an executor: This is the person who will be responsible for carrying out your wishes as outlined in your estate plan.
-Taking inventory of your assets: These include your bank accounts, retirement accounts, life insurance policies, investments, and other valuable items.

If you die without an estate plan in Knoxville, your surviving family members will follow the law of intestacy. Under the State of Tennessee rules, when you die without an established plan, your properties will be divided into two groups: probate property and non-probate property. Probate property is distributed according to the Tennessee Intestate Succession Act, while non-probate property is distributed according to the terms of the governing documents, such as a will or trust.

A well-rounded estate plan typically includes a will, a power of attorney, and advance directives.
-Will: This specifies how your assets will be distributed after your death. You can also use a will to name guardians for your minor children and an executor to oversee the distribution of your assets.
-Power of attorney: This gives someone else the authority to make financial or legal decisions on your behalf if you are unable to do so yourself.
-Advance directives: These specify your wishes for medical care in the event that you become terminally ill.

Yes. It is a good decision if you make your family involved when creating an estate plan in Knoxville. Through this, it can lessen your stress in case you die or become terminally ill. It can also help you decide to whom you will pass your assets and know their specific personalities.

When planning your estate in Knoxville, it is necessary to establish a living trust to avoid prevent in case of your passing. A living trust indicates what will happen to your property if you are no longer around. It can also save you from avoiding paying taxes. While you are still alive, you can change the trust at any time.

An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:<ul><li>Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives</li><li>Optimize an estate plan as tax laws, life events, assets, and goals change over time</li><li>Protect a client’s loved ones by preventing assets from entering probate</li><li>Help clients designate a person to make important health decisions for them if they become incapacitated</li></ul>

Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

To create a thorough and effective estate plan, individuals should follow these steps:<ul><li>Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.</li><li>To avoid probate, have an attorney create a revocable living trust.</li><li>Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.</li><li>Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.</li><li>Update the plan every five years.</li></ul>

The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.