Gallatin Estate Planning Lawyer

Nestled in the heart of Sumner County, Gallatin is a city with a rich history. No matter your age or wealth status, having a secure estate plan in place as a resident of this area is vital. No one wants to think what the end of life might look like, but it is important to ensure your family’s future and legacy is protected for generations to come. A Gallatin estate planning lawyer can help you do just that through legal support and guidance.

Since 1977, the team at Phillips | Ralston has been serving families and individuals across the Gallatin area. We are here to help you and your loved ones plan for the future and create a comprehensive estate plan that can work to protect you and yours even after you are gone. When you choose to work with our firm, you can gain the confidence that comes with knowing our experience will be more than just a benefit to you, but also to the ones you hold dear.

Comprehensive Estate Planning Tools in Gallatin, TN

In the United States, around 67% of individuals pass away without a valid and secure estate plan in place. This means, these individuals are leaving up to chance what happens with the assets and wealth they have worked so hard to obtain over their lifetime. Without a well-crafted estate plan in place, what happens to your legacy will be left up to the state and your wishes will not be carried out. This is why it is vital that you work with an attorney to create a legal estate plan.

According to the 2020 census, 16.7% of Gallatin’s population is 65 years of age or older. For these folks especially, creating an estate plan is crucial. At Phillips | Ralston, our attorneys can guide you through the various tools available to you in an estate plan.

Whatever your estate holds, from humbler amounts of wealth, to large assets of high-value, our attorneys are here to review your situation and offer our knowledge on the right way to move forward. The most common estate planning tools in Gallatin, Tennessee, include the following:

• Last will and testament. Your will is the foundation of a comprehensive estate plan. It can dictate how and to whom your assets and property will be distributed following your death. It can also outline and name individuals to act as guardians to any minor children or disabled or incapacitated adult children should you pass away. In Tennessee, in order for a will to be legally valid, it must meet the following criteria:
  • Be signed by the testator, or the person who is creating the will, while they are of sound and able mind.
  • The signing must be witnessed by at least two competent individuals who are not, themselves, beneficiaries of the will.
  • The individual who is creating the will must be at least 18 years of age

The state of Tennessee also recognizes holographic wills, or wills which have been written by hand. However, in order for a holographic will to be deemed valid, the entire document must be drafted and signed in the handwriting of the testator. Without a valid will in Gallatin, your estate will be subject to both probate and the intestate laws of Tennessee, which may not work alongside your expressed wishes.

• Trusts. In Gallatin, a trust is a versatile tool that can be used to manage and distribute assets before and after your passing. There are several kinds of trusts used by folks in Gallatin, and the attorneys at Phillips | Ralston can review your circumstances, determining which trust works right for you and your loved ones. The most common kinds of trusts include:
  • Revocable living trusts. These trusts allow you to retain all control of your assets during your lifetime and can also help your loved ones avoid probate after your death.
  • Irrevocable trusts. These trusts work to provide certain tax benefits and protect your assets from creditors. However, these trusts cannot be modified or terminated after their creation, unlike revocable trusts.

The state of Tennessee also allows individuals to set up special needs trusts, or trusts which work to provide for disabled or incapacitated loved ones without jeopardizing their ability to seek certain government benefits.

• Living wills. These estate planning tools, also known as advance directives, allow you to lay out your unique healthcare wishes in cases where you become incapacitated and unable to make these decisions for yourself. These tools can help ensure that all your medical preferences are respected and carried out. Under Tennessee law, a living will allows you to detail your desires regarding organ donation and life-sustaining treatments.
• Trust administration. When you create a trust in Gallatin, you have the ability to name a trustee, or an individual, or group of individuals, who manage and distribute the assets held within the trust after your death. At Phillips | Ralston, we can help ensure that the individuals you appoint to this vital position are well-equipped to carry out your wishes.
• Powers of attorney. In Gallatin, there are two main kinds of powers of attorney you can set up in your estate plan. These include:
  • Financial power of attorney. This document allows you to appoint an individual, otherwise known as your agent, to handle all of your financial affairs, such as paying bills, if you find yourself unable to do so.
  • Healthcare power of attorney. This document allows you to name an individual to make all of your medical decisions on your behalf according to your living will, or advanced directive, should you become incapacitated or unable to do so yourself.

Speak with a Trusted Estate Planning Lawyer in Gallatin Today

It is important to keep in mind that estate planning is not a one-size-fits-all process and having an attorney on your side to ensure your estate plan fits your unique needs is essential. The attorneys at Phillips | Ralston are here to serve you and your family, and allow you the peace of mind that comes along with a valid and secure estate plan. Contact our offices today to schedule a consultation and learn more regarding our estate planning services.