Wills and trusts are two of the most basic and important estate planning tools. They can lay the foundation for ensuring that your legacy is protected, that your loved ones and other beneficiaries receive the assets you want them to receive, and that other safeguards are created to ensure a smooth transition of your estate distribution upon your passing. You may believe you have little need of either a will or a trust. However, should you pass away without them, whatever you own will be passed on through the probate process based on state law with no direction from you. This can lead to unneeded expense, disputes, and even prolonged litigation for the family members you leave behind.
At Shanone Emmack Attorney at Law, I provide experienced legal representation to those looking to preserve their estates and their wishes concerning those estates through proper legal planning. As a Franklin wills and trusts attorney, I can walk you through the process of estate planning through the use of these fundamental and vital legal tools. Your last will and testament or revocable or irrevocable trust can be drafted based on the specifics of your unique assets and property and your objectives in how you want them to be managed and passed on. I am proud to have helped countless individuals and families throughout Franklin, Brentwood, Nashville, and the surrounding counties in establishing and maintaining effective and valid wills and trusts.
Contact Shanone Emmack Attorney at Law online or at (615) 205-8183 to set up a free, initial appointment to discuss your will and/or trust legal needs.
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.
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.
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.
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.
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