Franklin Wills & Trusts Lawyer 

Wills

A will is the foundation of your estate plan. It is a legal document that outlines your wishes and instructions as to how your property is to be distributed in the event of your passing. It names your heirs and beneficiaries, a person whom you wish to administer your estate (an executor), and how and when your property is to be passed on. A will can also name a guardian for minor children as well as for the management of any estate you leave those children. Your will can also pass on gifts and charitable donations that may reduce estate taxes. In your will, you can also provide funeral/burial/cremation instructions. 

Should you die without a will, your estate will be subject to state “intestacy” laws. This means a probate judge will make all of the estate decisions based on the laws as to how your assets and property will be distributed. 

Trusts

A trust is a separate legal entity into which you, as the trustor, place your property and assets. The trust will have title to these assets and be managed by a trustee. The trust will contain instructions as to how you wish to have your assets passed on to your named beneficiaries upon your passing. Trusts can revocable (meaning you can change them any time you want) or irrevocable (unchangeable). The assets and property you place in the trust will not have to go through the probate process and thus can be passed on to your beneficiaries in a direct and more expeditious manner.

What Are the Different Types of Trusts Available in Tennessee?

Trusts can be set up for various purposes which leads to many different types of trusts. One of the most common is the revocable “living trust.” This is a trust which you manage during your lifetime as the named trustee. Thus, you remain in control of your assets and can manage them in any way you deem prudent. You will also name successor trustees to pass on those assets upon your passing according to the instructions you have provided in the trust. 

Other types of trusts include life insurance trusts, charitable trusts, special needs trusts for disabled relatives, credit shelter trusts, testamentary trusts, and more. As a Franklin trust attorney, I can help you understand your options in regard to trusts so that we can form the appropriate trust entity for your specific needs. 

What Are The Potential Drawbacks or Limitations of A Trust?

Establishing a trust can offer numerous benefits, but it is important to consider its potential drawbacks and limitations. Consulting with a qualified trust lawyer, such as a Franklin trust lawyer at Shanone Emmack Attorney at Law can help you navigate these factors.

Here are some potential considerations:

• Complexity: Trusts can be complex to establish and manage, potentially incurring additional costs such as trustee and legal fees.
• Loss of Control: Transferring assets into a trust means relinquishing direct control over them. The terms of the trust governs their management and distribution.
• Funding Challenges: Properly funding the trust is essential for its effectiveness. Failure to transfer assets may defeat the purpose of establishing the trust.
• Privacy: While trusts provide privacy during administration, creating a trust involves disclosing information to trustees and beneficiaries.
• Limited Tax Benefits: Not all trusts offer significant tax advantages. Consulting with a trust attorney and tax advisor is crucial for optimal tax planning.

At Shanone Emmack Attorney at Law, we offer a free consultation to address your questions related to trusts. With years of experience and recognition from legal industry organizations, our trust attorney in Franklin, Shanone Emmack, is dedicated to providing comprehensive estate planning services. Serving Middle Tennessee since 2015, we help you plan today for a secure tomorrow.

Contact My Firm for Help Today

As a Franklin will and trust lawyer, I have helped innumerable clients design valid and appropriate documents that spell out their instructions for the transition of their estates into the hands of their heirs and beneficiaries. Wills and trusts can give you and your family peace of mind knowing that clarity will be provided when you pass on. These estate planning tools have many psychological and financial benefits including minimizing the chance of disputes and litigation and the reduction of tax consequences. 

Call (615) 205-8183 or contact my firm online for legal representation today.