Estate Planning Counsel for Your Most Important Matters
An outdated estate plan can be just as disastrous as no plan at all. The Law Offices of Charles R. Frazier asks clients to consider the many life changes that could render an estate plan ineffective, including:
- Changes in a financial or marital situation
- The addition of new family members
- The loss or disability of loved ones
- Declining health
- Changes in charitable inclinations
- A change in state of residence, and annual changes in tax laws
- Annual changes in tax laws
A well-crafted estate plan can help minimize the risk of taxing authorities becoming the unnamed beneficiaries of an estate.
Last Will and Testament and Trust
Last Will and Testaments are necessary to ensure that your estate assets are distributed according to your wishes. Your loved ones are more likely to respect your final wishes when you leave your desires in writings that are properly executed under Tennessee law. Your Last Will and Testament may also decrease the likelihood that there will be disputes about the distribution of your assets.
A Living Trust is a legal agreement between you as the trustmaker (a person with the money and property, sometimes called a trustor, settlor, or grantor) and a trustee (the person charged with managing, investing, and handing out the money and property). For most revocable living trusts, you can serve in both roles. You will change your accounts and property ownership from yourself as the trustmaker to yourself as the trustee of the revocable living trust. In the trust document, you or a substitute trustee agrees to manage and protect the money and property for beneficiaries' benefit. In a revocable living trust, you as also the beneficiary during your lifetime.
When you die, your substitute trustee would have the authority to manage the trust property or give it to the remaining living beneficiaries. Living Trust will pass your property to your loved ones that you leave behind completely outside of the court system, thereby eliminating high cost, delay, and invasion of your and your loved ones' privacy.
Power of Attorney and Living Wills
Powers of Attorney (POA) provide the assurance your family needs to ensure that your financial and health care decisions are made if you are incapacitated or disabled. POAs give other individuals or entities certain powers to engage in transactions on your behalf and for your benefit. POAs are important estate-planning tools that may bypass the need for conservatorships or other expensive legal proceedings.
Probate Administration and Litigation
Administering a probate estate can be a very overwhelming undertaking for appointed executors or personal representatives. Quite often, the appointed executor or personal representative is a relative or good friend of the decedent. Besides dealing with the despair of losing a cherished person, the executor or personal representative is also responsible for administering the decedent's estate following the decedent's Last Will and Testament or Tennessee law. It's critical to seek the services of a probate law attorney who knows the rules and law critical to probate administration. But it's more important that we guide you through this difficult time with the compassion and patience necessary to deal with the loss of a friend or family member.
Ready to Find out More?
For representation that can help you turn present-day realities and worries into a family legacy, turn to the Law Offices of Charles R. Frazier. To schedule a low-cost consultation, call 615-267-0125.