Estate Planning - First Steps

The preparation of legally-binding, estate-planning documents that are customized to your unique situation is crucial to protecting and providing for your family. Every adult who owns property or has children should have a will.

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You have the right to decide who inherits your assets when you die. The people and/or organizations to which you leave your property are called your beneficiaries. 

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For Tennessee residents the procedure for probate is usually quick and relatively inexpensive. There are, however, certain situations where avoiding probate may save estate-administration expenses while maintaining family privacy.

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The primary objective of good estate planning is to make sure your estate plan fully benefits the people and organizations you care for.

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Besides arranging for transferring your property at your death it is crucial that your estate plan designates who will handle your financial and medical affairs while you are living should you ever become incapacitated and cannot do so yourself.

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Yes. Making sure your family is adequately cared for when you are gone is of the utmost importance. A well-thought-out and legally-binding estate plan will protect those you love and help minimize death taxes.

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Consult with a duly-licensed, Tennessee estate-planning attorney knowledgeable of Tennessee inheritance tax and federal estate and gift tax laws. Your attorney should also be experienced with the procedures of Tennessee’s probate courts.

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The cost of good legal advice for estate-planning purposes depends on the time involved and the complexity of your needs. Some estate-planning attorneys charge by the hour and others charged fixed fees.

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