Estate planning should be done sooner rather than later, yet it is often delayed until it is too late. While many Estate Plans include a Will or details about who will care for the children, there is more to consider. Here are some misconceptions about Estate Planning and what you should keep in mind:
Safeguarding your wealth is a prudent and responsible measure. Asset protection involves legal strategies to shield your assets from potential creditors, lawsuits, and other financial threats. Below, we will explore key concepts, strategies, and legal tools to help you navigate the complex asset protection landscape.
We are here to help you understand TN Community Property Trusts (CPTs). These are valuable estate planning tools offering unique benefits for married couples in Tennessee. While not as common as traditional revocable living trusts, CPTs can manage and protect assets while taking advantage of Tennessee’s community property laws. Below, we’ll explain the critical aspects of Tennessee Community Property Trusts and why they may be advantageous for couples.
When it comes to safeguarding your wealth, the Tennessee Investment Services Trust (TIST) is a powerful tool in the area of asset protection. This legal structure may offer you a unique and effective means of shielding your assets from potential creditors. In addition, TIST can help you retain control over your investments. Below, we’ll explore the key aspects of TIST and how it can bolster your financial security.
In estate planning, two standard legal documents frequently discussed are Wills and Trusts. Both serve as crucial tools for distributing assets and ensuring the well-being of your loved ones. However, they both have distinct characteristics and functions. Below, we will explore the key differences between Wills and Trusts and how they impact your family’s future.
There may be many reasons you are considering disinheriting a child after you pass. The two of you may not have a good relationship, or maybe you feel that child is better off than the rest of your children. Therefore, you think the child does not need any part of your Estate. Whatever the reason, you can disinherit a child in your Last Will & Testament. If you want to disinherit one of your children, you must have a Will drawn up, or the child will not be disinherited.
Many clients have heard the probate process can be time-consuming and expensive. In other states and counties, it can often be. In Wilson County, Tennesee, the process can be taken care of in four months with the proper estate planning documents. However, you must know what you are doing to navigate this system. I am an attorney who helps with this process daily, and here is how probate can help you.
First, you typically can’t sell inherited property if the estate hasn’t been properly handled. You need Tax Clearance letters and Tenn Care waivers. You also have to ensure the proper notices to creditors have been written in the paper and mailed out.
To get started, the Executor of the Estate is required to produce the Last Will & Testament. From there, he or she helps me notify the creditors. Then, both the Executor and I will be required to make a quick court appearance. After this, unless there are problems with the estate, all other court appearances are handled without the executor’s presence. If there isn’t a Will, we still probate the Estate. We appoint an administrator to serve in the same capacity as an Executor would have served.
Yes, complications may arise. The Original Will may be lost. Fortunately, we have a process for proving a copy is the last one. Someone might contest the Will, or a spouse may have been written out and may now need to assert her rights. Children from prior marriages often need to be dealt with. Sometimes, there is more debt than assets, and we must do all we can to protect those assets. All this can be accomplished through the Probate of the Estate.
Losing a loved one is one of the worst experiences we can go through. And the last thing anyone wants to try to figure out is a complicated legal system. I understand my job as an attorney is to make your life as easy as possible during this process. As a Probate Attorney, I will strive to handle the details for you.
If you need help preparing or probating a Will, contact Kane & Crowell at https://www.kane-law.com/contact-us/