Hendersonville Trusts Lawyer

Top Rated Trusts Attorney in Hendersonville, TN

Setting up a trust is an important step in planning for your future. A trust can be one of the most effective ways to provide for your loved ones, avoid unnecessary probate complications, preserve wealth, and make sure your wishes are carried out. A Hendersonville trusts lawyer can help you create a trust that protects your assets and aligns with your intentions.

Phillips | Ralston: Work With an Experienced Hendersonville Trusts Attorney

At Phillips | Ralston, we have been helping individuals and families create custom estate plans since 1977. With decades of experience, we have helped clients with a variety of goals when it comes to a trust, whether that be protecting real estate properties from creditors, maintaining privacy, or providing for a family member with special needs.

How Trusts Work in Tennessee

A trust is a legal arrangement that allows you to name a trustee who can manage your assets and distribute them to your beneficiaries. Once you pass away, this trustee must follow the instructions and guidelines you provide. A trust can be used to hold a wide variety of assets, including:

• Real estate
• Bank accounts
• Investment portfolios
• Business interests
• Personal valuables, such as vehicles, art, or furniture

A trust is one of the most common estate planning tools, as it can be used for most types of assets. However, this does not mean most people have taken the time to set up a trust; 56% of Americans do not have a will or trust. Of adults 55 and older, 52% believe that dying without affairs in order is irresponsible, likely due to the burden it may place on family, and the excess time and money put into the probate process.

The Advantages of Putting Your Assets Into a Trust

Many Hendersonville residents choose trusts because they offer benefits that are not available with only a will or without an estate plan at all. While the specific advantages vary depending on what type of trust you are creating, some of the most common benefits include:

• Avoiding probate
• Maintaining privacy regarding your assets and beneficiaries
• Creating a plan for if you become incapacitated
• Reducing the risk of family conflict
• Protecting assets from creditors

Types of Trusts Used by Tennessee

Tennessee’s trust laws outline several different types of trusts that can be used. If you hire a trusts lawyer, they can explain the options available for your case and recommend a trust that provides the most benefits for your trust case. Some of the most popular types of trusts include:

• Revocable living trusts. A revocable living trust allows you to maintain control over the assets during your life. You are also able to modify or revoke the trust, so it can reflect your current circumstances.
• Irrevocable trusts. Unlike a revocable living trust, an irrevocable trust cannot be easily changed. However, they do provide greater protection for assets, particularly when it comes to preventing creditor claims.
• Special needs trusts. A special needs trust is a great option if you are looking for a way to provide financial support to a beneficiary with a disability. By using a special needs trust, you don’t jeopardize their eligibility for government assistance programs.
• Testamentary trusts. A testamentary trust is created through your will rather than as a separate document. This trust is important if you have minor children, as it can allow you to transfer assets with more financial oversight, such as withholding assets until they reach a certain age.

Why It Is Important to Hire a Trusts Lawyer

A trust can be a powerful estate planning tool, but it must be carefully drafted and used in order to provide benefits. A Hendersonville trusts attorney can help you by:

• Explaining Tennessee’s trust laws and legal requirements
• Making sure your assets are properly transferred into the trust
• Considering potential concerns, such as creditor claims or tax burdens, and identifying solutions
• Creating a comprehensive plan for each of your assets
• Working with you to make sure your personal goals are reflected in your trust
• Speaking with the trustee and any beneficiaries, so they understand their role and your estate plan

FAQs

Is It a Good Idea to Put Your Home in a Trust in Tennessee?

Yes, placing your home in a trust can be a good idea because it simplifies property transfer and protects it from creditor claims. These benefits can be especially important in Hendersonville, where the average home value is $521,677, which may be higher in neighborhoods such as Fairvue Plantation and the Indian Lake Peninsula.

What Are the Four Things Required for a Trust to Be Valid in Hendersonville, TN?

While there are many requirements for a valid trust, the four main elements include a grantor who creates the trust, the grantor’s intent to create a trust, a trustee who manages the assets, and beneficiaries. A Hendersonville trusts lawyer can help you establish these basic qualifications, as well as the requirements regarding signing and notarizing your trust.

What Is a Fiduciary Duty in Hendersonville, TN?

A fiduciary duty is the legal obligation a trustee has to act in the interests of a trust. This means following the instructions contained in the trust document, avoiding self-interested actions, and managing the assets responsibly. Many people find peace of mind when creating a trust, knowing that the trustee is legally obligated to carry out their wishes. In the rare cases where a trustee fails to uphold this duty, they can be liable for the resulting damage.

What Happens if You Pass Away Without a Trust or Other Estate Plan in Tennessee?

If you die without an estate plan, such as a trust, your assets are divided according to Tennessee’s intestacy laws. During intestate succession, assets are distributed to the surviving family, such as a surviving spouse and children. This process is done through probate and does not take into account your personal goals. Creating a trust can help you avoid this generalized inheritance system.

Work With a Hendersonville Trusts Attorney Today

Even minor mistakes when creating a trust can create confusion and delays when your loved ones are trying to use these documents. Working with a lawyer can help you prevent key errors, so that your intentions are clearly expressed. Contact Phillips | Ralston today to speak with a knowledgeable attorney about your trust case.