Estate planning is an area that many people postpone or even neglect for various reasons. Many believe it is an issue for which only the elderly or the very wealthy should be concerned. However, if you own anything at all, you have an estate and you can benefit from creating a plan. These plans will not only protect your assets and ensure your family members obtain the assets you designate, they can provide instructions and safeguards for other matters as well. They can address many financial, legal, and even personal affairs.
What Is An Estate Planning Attorney?
As a Franklin estate planning lawyer, I can help you understand how estate plans work, educate you on the various legal tools and options available, and assist you in designing a customized estate plan that will work for you. Your plan will address the specifics of your estate, your personalized needs, and your goals in passing on your property to your loved ones and other beneficiaries. A well-crafted estate plan includes precise documents that are generally deemed to be legally binding and enforceable by the courts.
As mentioned above, estate plans consists of various legal tools and documents designed for many different purposes.
- Wills and trusts. Wills form the foundation of your plan by identifying your assets, your heirs and beneficiaries and how you wish your assets to be distributed. Trusts place your assets in an independent legal entity managed by your designated trustee who will pass your assets on according to your instructions.
- Powers of Attorney. These documents designate a trusted person to act on your behalf in the management of life or financial affairs when you are unable to do so.
- Conservatorships. These legal relationships authorize a person to have decision-making power over someone who has been deemed to be temporarily or permanently incapacitated.
Proper estate planning can preserve the value of your property and assets, reduce the timeframe in passing on those assets to your beneficiaries, and ensure that your wishes as to how your estate is passed on are carried out. It can provide instructions for how these actions should occur upon your passing as well as how you would like certain matters to be handled should you become incapacitated and unable to express your wishes. It can designate a guardian for minor children, include an advanced directive regarding medical care in certain situations, can minimize tax consequences, and save your loved ones from having to make difficult decisions when under the distress of your loss.
Why Should You Consider Creating an Estate Plan?
Estate planning is a vital step for everyone, regardless of financial status. It transcends mere finances, embodying responsibility, care, and legacy. Contrary to the notion that it's only for the wealthy, estate planning is essential for anyone with loved ones and a desire to secure their well-being in various aspects.
Whether you're a parent, grandparent, spouse, business owner, or professional, an estate plan empowers you to leave a lasting impact and shape the future. It's about safeguarding your family's future, ensuring your wishes are honored, and creating a meaningful legacy for your loved ones.
Through estate planning, you can:
- Protect Your Loved Ones: Ensure the financial security and well-being of your family, especially if you have dependents or minor children.
- Designate Guardianship: Nominate legal guardians to care for your minor children according to your wishes.
- Avoid Disputes: Minimize family conflicts by clearly outlining asset distribution and other decisions.
- Manage Healthcare Choices: Use advanced directives to communicate medical preferences, relieving loved ones of difficult decisions.
- Preserve Your Legacy: Craft a legacy that reflects your values and supports causes dear to you.
- Ensure Business Continuity: For business owners and professionals, an estate plan ensures seamless business continuation and asset protection are you are gone.
Estate planning goes beyond wealth distribution; it ensures your intentions are honored, eases stress on loved ones during tough times, and leaves a positive impact on their lives. Irrespective of financial circumstances, an estate plan is a potent tool to shape your future and that of generations to come.
Work With an Estate Planning Lawyer
When it comes to estate planning, securing your family's future and ensuring your wishes are met is paramount. Our dedicated estate planning attorney in Franklin is here to guide you through the complexities, offering a free consultation to discuss your unique needs.
As a trusted law firm in Franklin, we have been proudly serving Middle Tennessee since 2015. Our commitment to excellence has earned us recognition within the legal industry for the value we provide and what we deliver to our clients. With years of experience in crafting comprehensive estate plans, we are here to help you navigate the intricacies of planning for your legacy. Don't leave your family's future to chance – consult a seasoned Franklin estate planning lawyer to ensure your wishes are secured and your loved ones are well taken care of.
An estate plan helps assure that the disposition of your assets is carried out according to your wishes. Furthermore, creating an estate plan will save your loved one’s undue stress after you have passed away. Your estate plan can include a will, trust, Powers of Attorney and advanced directives. Not having an estate plan in place could result in relatives, friends, and charities receiving nothing. An estate plan reduces the chance of disputes or litigation that can diminish the value of your estate.
Knowing you have an estate plan that protects your assets as well as your loved ones can give you peace of mind. My priority as your estate planning lawyer is to ensure that your plan is comprehensive, clear, and specific to your needs and that it is updated or maintained when needed.
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Reach out to Shanone Emmack Attorney at Law online or at (615) 205-8183 to arrange for your free estate planning consultation at our law firm today.
She researches the law, kept me and others informed on what needs to happen next, and was always professional.Nancy D.