Nashville Estate Planning Lawyer

Estate Planning Attorney in Nashville, TN

An estate plan primarily addresses your estate, which includes all your properties, accounts, personal assets, and financial assets. While many consider estate planning to only be necessary only for wealthy and elderly individuals, estate planning can benefit anyone who owns any assets and has wishes for those assets after they pass. Creating an estate plan can be easier with the help of a skilled Nashville estate planning lawyer, Shanone Emmack, and can protect your estate, your future care, and the well-being of your loved ones. It is also wise to consider why you would want to avoid probate in Tennessee to streamline the transfer of your legacy.

Experienced Estate Planning Legal Support in Nashville

Your legal support for estate planning should be nuanced and based on years of practical experience. Shanone Emmack, of Emmack Probate and Estate Law Group, has nearly ten years of legal experience, including years of advising and assisting individuals with the creation and updating of their estate plans. She can help you create an estate plan to support your familial and financial interests.

Whether you are certain of your wishes for estate planning or need to determine your goals, attorney Shanone Emmack can help. She can help you customize your plan to address these goals, including the management of your assets, the care and support of your children, the protection of yourself in an emergency, and other goals. The security from a clear estate plan can help you and your family. A professional Nashville tax planning lawyer knows the importance of compassionate and personalized care when discussing estate plans and can help you create a strong plan for your future.

There are many benefits to a basic or comprehensive estate plan, but these benefits only exist if the plan is legally valid and enforceable. The right attorney can help with this and help the plan remain enforceable as laws and your wishes change. Shanone Emmack knows the importance of compassionate and personalized care when discussing estate plans and can help you create a strong plan for your future.

Understanding Estate Planning for Your Future

Estate plans can be tailored to your needs, including whatever documents are necessary to address your end-of-life goals. Some documents focus on the legal powers you give to trusted persons in your life, while others designate the distribution of your assets. While estate plans can include many different documents, some of the most common estate planning tools include:

• Last will and testament
• Living wills and medical directives
• Powers of attorney
• Revocable and irrevocable trusts
• Conservatorships
• Beneficiary designations

A basic estate plan includes a last will and testament at a minimum, which can help speed up the probate process. Large assets like a home, which averages $428,541 in Nashville, may transfer directly to a designated beneficiary. You should also understand why you need a power of attorney in Tennessee to protect your health and finances if you are ever unable to speak for yourself.

Probate is the method the state uses to administer an estate after death. A more complex and comprehensive estate plan can avoid the probate process entirely. While estate planning can feel like a hassle for many people, it is crucial to have your affairs in order.

How Does an Attorney Benefit My Estate Plan?

When you work with an Nashville attorney to draft, review, or update your estate plan, you are lowering the chances of your estate plan being unenforceable, invalid, or easily contested. While it may seem less expensive to create a will or estate plan without an attorney, it is typically more expensive and frustrating for your loved ones in the long term.

Without an attorney, an estate plan is more likely to be invalid, so your wishes will not be followed, and your loved ones must start the process of administering your estate again. Lengthening the process of probate increases the costs.

It can also lead to more disputes between family members over what your intentions were for your estate. The most effective way to protect your family from potential conflict is to make sure your plan is straightforward and enforceable with your attorney in Tennessee.

What Is Included in an Estate Plan?

An estate plan is not a single document. Rather, it is a group of estate planning tools that work together during life and after death to achieve certain goals. When an estate plan is complete, clients typically walk away with more than legal paperwork. The estate planning process provides an opportunity to decide on what your priorities are and how your estate should be divided after your death.

Many estate plans include guardian nominations and successor guardians, which can provide for the care of a minor if a parent cannot. The courts look for written guidance when resolving custody matters and questions. A reliable Nashville special needs trust lawyer can also include HIPAA authorizations or medical information releases that allow trusted individuals to speak with doctors and access records during emergencies. Plans can also include HIPAA authorizations or medical information releases that allow trusted individuals to speak with doctors and access records during emergencies.

Estate plans can even address digital assets, including online accounts, stored photos, subscription services, and access to cryptocurrency. Clear instructions can prevent loss of these assets.

Clients may also receive a letter of instruction, which outlines funeral preferences, document locations, key contacts, and provides practical guidance on important matters. An effective estate plan aligns beneficiary designations on retirement accounts and life insurance with an overall plan that is coordinated through careful estate planning.

Will-Based Plans vs. Trust-Based Plans in Tennessee

One important estate planning decision you may make is whether to focus on a will-based plan or a trust-based plan. As a general rule, a will-only plan may be enough when assets and family dynamics are straightforward. A trust-based plan is often worth considering when privacy, control, or complexity are at issue.

• Will-based plans. This approach may be a good fit when assets are limited or simple beneficiary designations are already up to date. Individuals who do not have strong privacy concerns and minimal worries about family conflict may also benefit from a will-based plan. With a clear will in place, the estate should move efficiently through probate with minimal risk of delays.
• Trust-based plans. This option may be better when privacy is a concern. Large assets and multiple properties could get caught up in complex probate cases without a trust in place. A well-planned trust can allow for staged distributions of funds for minor children. Trusts can also greatly reduce the risk that disputes lead to litigation. For individuals who want to greatly reduce potential involvement by the courts, a trust should be a top priority.

What Is the Purpose of Making an Estate Plan?

Making an estate plan is multi-purpose, providing protection in numerous ways for yourself, your loved ones, your estate, and the distribution of your estate. You are able to clearly state your wishes in an estate plan. Although 13% of Nashville’s population is 65 and older, any age can present the right time to begin establishing an estate plan.

As long as the estate plan is enforceable, you know how your affairs and assets will be handled when you are unable to. While an estate plan applies after your death, elements of it can also provide guidance if you become incapacitated by accident or illness.

There are many other benefits to creating a comprehensive estate plan, including:

• Keeping your estate out of probate entirely, allowing your assets to transfer immediately to your beneficiaries, saving time, stress, and money
• Making the process of probate faster, less stressful, and less expensive for your loved ones
• Designating a guardian and a method of financial support for your minor children
• Providing financial support and specific assets to your family members
• Planning for the care and support of a disabled and/or minor loved one
• Organizing relevant asset and debt information and documents in one place
• Protecting your assets and their value during your life and after death
• Ensuring you receive the medical care you wish if you are unable to make those decisions
• Minimizing tax consequences when transferring certain assets
• Enabling a trusted individual to make important legal, medical, or financial choices for you when you cannot
• Minimizing the likelihood of familial disputes and contests during probate
• Ensuring that the causes and organizations you support can benefit from your estate
• Creating business succession and continuity for business owners

There are many other benefits to creating a comprehensive estate plan, customized to your unique assets, family needs, and wishes.

Understanding a Will

A will is a basic document in an estate plan. It lists the following:

• Your assets and debts
• The management and executor of the estate
• The beneficiaries of your assets and estate
• Your minor children’s designated guardian

This basic information is crucial to making your wishes clear, and it helps your estate avoid Tennessee’s succession laws. Your will states your intentions for your estate and can be modified at any point during your life as long as you have the capacity to do so. Creating a will can give you certainty about how your family will be supported after your death and that your assets will be managed as you intend.

If you die without a will in place, your estate will be managed and distributed by intestate succession laws, and will be managed by a person appointed by the court. You may not intend your estate to be distributed this way. An enforceable will prevents this from happening.

While a will is beneficial, it still allows your estate to pass through probate. This is not ideal for many individuals creating an estate plan, as the probate process can be lengthy and expensive. In order to keep an estate out of probate court, you must have a more comprehensive estate plan.

Establishing a Trust

A trust is an independent legal entity that can hold the assets in your estate and designate beneficiaries for those assets. This is similar to a will, but a will is a public document. The assets in a trust do not have to enter probate, and beneficiaries can receive assets immediately rather than being required to wait until the probate court has concluded.

You also have more control over when and how the assets in a trust are distributed. A trust law can hold assets until a minor beneficiary turns 18 or can hold assets for a beneficiary who receives government benefits so they do not lose those needed benefits. There are irrevocable and revocable trusts, and many different uses for these trusts. Your estate plan can include one or multiple trusts. A trust is managed and distributed by a trustee.

Creating Powers of Attorney

Powers of attorney is a document that allows someone to make important decisions on your behalf. In an estate plan, they are used to give a trusted individual these powers when you are incapacitated and unable to make those decisions yourself. This person will be taking care of your affairs when you cannot, so it is important that they are a professional or a loved one that you trust.

A healthcare power of attorney and a financial power of attorney are two of the most common forms, but a power of attorney document could give whatever legal or financial powers you wish to provide.

Establishing a Conservatorship

A conservatorship, like powers of attorney, enables a trusted person to make decisions for someone else. However, the court creates a conservatorship to provide legal care for someone who is deemed incapacitated. This may be temporary or permanent. A conservatorship is often created without the consent of the individual who is under its care.

This arrangement can be necessary if a loved one is incapable of making their own decisions and has not established powers of attorney. As with powers of attorney, if the conservator fails to act properly, a dedicated Nashville breach of fiduciary duty lawyer can step in if legal complications arise.

Creating a Living Will

A living will, or an advance directive for healthcare, provides for your own care if you become incapacitated. An advance directive explains your wishes for medical treatment, pain management, life support care, and other preferences. Medical professionals and your healthcare power of attorney use these directives if you are incapacitated to make informed decisions about your care.

Why You Should Hire a Nashville Estate Planning Lawyer

Don’t be part of the two-thirds of Americans who do not have an estate plan in place. Whether you live in Rutledge Hill, The Gulch, Germantown, or elsewhere in Nashville, a Nashville estate planning attorney can provide you with the support and guidance you need to plan for the future. When you hire an estate planning lawyer, you benefit from their years of experience relying on estate planning laws to help clients achieve their goals.

An estate planning attorney can carefully listen to your goals before explaining how your estate planning case can protect your assets during your lifetime and guide the distribution of your estate after your death. Once your estate plan is in place, it can be updated periodically as your goals and the size of your estate evolve.

Proper estate planning can provide you with the reassurance that your loved ones will be provided for after your death. When searching for an attorney, look for someone who primarily focuses on estate-related cases. They should be attentive to your needs and concerns and able to describe your estate planning options.

FAQs

What Is the Difference Between an Estate Lawyer and a Financial Planner?

Both estate lawyers and financial planners help individuals plan for the future, but through different means. An estate lawyer is licensed to practice law in a given state and understands the probate process firsthand. While a financial planner can advise you on estate planning matters, they cannot provide legal advice or represent you in probate court. An estate planning attorney can advise you on your options before drafting complex legal documents.

What Type of Lawyer Deals With Estate Planning?

Estate planning should be handled by a lawyer with experience drafting and overseeing the signing of complex legal documents. They are sometimes called estate planning lawyers or probate lawyers. While some lawyers may practice various types of law, you should look for someone who brings years or decades of experience primarily handling estate-related matters. Their years of experience can make certain that anything they draft holds up in court.

How Much Do Estate Planning Attorneys Charge?

Estate planning attorneys charge for the time and resources they put into consulting with clients, drafting documents, and seeing that they are lawfully executed. Estate planning lawyers typically charge a flat fee or bill by the hour at a set rate. More experienced attorneys with a track record of helping clients generally charge higher rates than less experienced lawyers.

What Are Common Estate Planning Mistakes?

Common mistakes include failing to update documents after major life changes, overlooking beneficiary designations, not planning for incapacity, and assuming a will alone avoids probate. Lack of coordination between accounts and planning documents is another frequent issue.

These and other mistakes can be avoided by hiring an estate planning attorney to manage your estate plan. One of the priorities for a lawyer is to prevent costly mistakes from occurring in the first place.

How Can I Avoid Probate?

voiding probate entirely may not be possible for large estates, but you can greatly reduce the burden on your loved ones and prevent many assets from going through probate by working with an experienced probate attorney or an estate planning lawyer.

Either type of lawyer can carefully listen to your goals before providing you with options. A clear will can provide the courts with guidance, while a trust can allow assets or properties to be directly transferred to someone else.

Get Estate Planning Assistance from Our Legal Team

It may be difficult to know where to begin to draft an estate plan. Finding the right legal professional can help you begin this process and address your unique needs. Emmack Probate and Estate Law Group can help you create a clear, personalized, and complete estate plan.

An effective estate plan can provide you comfort, and protect your loved ones well into the future. Drafting and continually updating your estate plan with the help of Shanone Emmack and her team provides you with an enforceable and specific estate plan. Contact the firm today.

Nashville, TN Estate Planning Resources

• Learn how to file a small estate affidavit in Tennessee
• Read about family business estate planning in Tennessee