Estate Planning Attorney in Hendersonville, TN
Phillips | Ralston supports clients in Hendersonville and the surrounding communities as they plan for the future. Our Hendersonville estate planning lawyers, Josh and John Phillips, help you document your wishes and create clear instructions for your loved ones after your passing. We tailor your estate plans to your specific needs and keep you compliant with Tennessee law.
The Importance of Estate Planning
Estate planning is important for everyone, not just those with significant wealth. Only about 24% of Americans have a will, with Hendersonville residents reporting a median household income of $97,200 from 2020 to 2024. However, without a comprehensive estate plan in place, Tennessee courts determine how your property is distributed.
Estate planning can involve:
- Drafting a will or trust
- Planning for long-term care in the event of incapacity
- Naming guardians for minor children
- Assigning powers of attorney
- Designating heirs for inheritance
- Minimizing complications surrounding the probate process
State estate planning laws determine how assets are distributed and how wills are validated. Understanding Tennessee estate planning laws can help you make important decisions about your and your family’s future.
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The Components of an Estate Plan
An estate plan includes many different components. Each person has their own priorities when creating their plan, which can include preserving family property or assets, protecting minor children, or planning for medical care decisions, among many others. Phillips | Ralston uses a personalized approach that reflects your personal values and goals.
The main components of an estate plan include:
- Wills. A will documents how you want your assets distributed and who you want to name as guardians for your minor children in the event of your passing. You can also designate an executor to manage your estate.
- Trusts. A trust can transfer assets and help you avoid probate. You can specify conditions for how and when your chosen beneficiaries receive their inheritance.
- Powers of attorney. A power of attorney gives a trusted person in your life the ability to manage your financial or legal matters if you become incapacitated.
- Beneficiary designation. Designating a beneficiary for assets, such as life insurance policies or retirement accounts, can help them transfer seamlessly after your passing.
- Healthcare directives. A healthcare directive outlines your medical preferences. It also designates a trusted individual to make decisions on your behalf.
Major life changes require updating these documents. Significant changes can be a marriage, divorce, or the birth or adoption of a child. It can also include the purchase or sale of a property or a major change in your financial situation.
The Estate Planning Process
Creating an estate plan involves several key steps. Begin by discussing your goals and family situation with a Hendersonville estate planning lawyer. Your attorney can then draft legal documents to reflect your wishes in a way that also follows Tennessee law.
After you thoroughly review the completed documents, you sign them, and these become legally binding documents. Be sure to review your plans periodically and adjust them as necessary.
Probate Matters
Probate involves a legal process that administers a person’s estate after their passing. It takes place in the county where that person lived. The Sumner County Chancery Court at 155 E. Main St. in Gallatin handles probate cases for Hendersonville residents.
After a person’s passing, the will is filed with the local probate court, and an executor or representative is appointed. All creditors and beneficiaries are notified.
Next, an inventory is taken of all assets to establish their value, and debts and taxes are paid from the estate. The remaining assets are distributed according to the directions of the will. However, if there is no will, Tennessee intestate succession laws determine how the property must be divided.
FAQs
Do I Need a Will or a Trust in Tennessee?
Whether you need a will or a trust in Tennessee depends on your goals and the complexity of your estate. The goal of a will is to provide instructions for how your assets are distributed. A trust can allow you to avoid probate and includes conditions for how your assets are distributed after your passing. Trusts allow for greater privacy and can be useful for larger estates.
Do All Wills in TN Have to be Probated?
Most wills in Tennessee go through probate, but not all assets are subject to probate. The probate process depends on the size and complexity of the estate. Some estates allow for a more simplified process, while more complicated estates require formal administration that can take more time. Proper estate planning can streamline the process after your passing.
What Is the Biggest Mistake With Wills?
One of the biggest mistakes individuals make when it comes to their will is failing to update it after a major life change, such as marriage, divorce, or having another child. Forgetting to get witness signatures can also lead to challenges during the probate process. It’s important to review your will regularly so that it reflects your wishes and complies with Tennessee requirements.
Who Should I Not Name as a Beneficiary?
Who you name as a beneficiary is up to you alone. However, you may want to take into consideration who may manage funds responsibly and if there are any conflicts of interest among your heirs. Naming minor children as beneficiaries can create complications, as the court may need to assign a guardian to manage the assets until the child is of age.
Hire an Estate Planning Lawyer at Phillips | Ralston
Careful planning can reduce the stress on your family after your passing. Estate planning lets you personally organize your affairs and provide direction for your loved ones, and when you hire an estate planning lawyer, you benefit from the help of an experienced legal representative.
No matter where you’re at with your existing plan, or if you’re starting from the beginning, Phillips | Ralston can help you create a plan that truly reflects your goals and protects what you’ve worked so hard to achieve.
We help guide you through every phase of the process, prioritizing communication and answering any questions you may have. When you’re ready to move forward with creating an estate plan you can feel confident in, reach out to us to schedule a consultation.
