Trusts are legal tools that allow the creator to distribute wealth in a manner that generally allows for more control compared to the use of a will. Trusts can help create an estate plan that better ensures the creator's wishes are met.
Creating a revocable living trust can be a very wise decision for people who want to achieve certain goals with their estate plans. For instance, if you want to avoid probate and prioritize your privacy, and if you want to continue to manage and control the assets in the trust yourself, then creating a revocable living trust can be prudent.
After someone passes away, his or her estate must be settled. This requires distributing personal belongings, contacting heirs, filing paperwork and ensuring his or her wishes are respected, which are all tasks overseen or handled by the estate administrator.
In a recent post, we discussed some of the roles and responsibilities that an estate administrator or executor will typically have. In that post, which can be read here, we noted that one of the primary functions this person will serve is to manage relationships with beneficiaries and ensure the decedent's wishes are fulfilled.
Losing a spouse, parent, child or other family member can be one of the most difficult events in a person's life. Not only are you likely experiencing grief and overwhelming loss, but you may also have to navigate the legal system as the executor or estate administrator.
When you are creating an estate plan, you have the freedom and opportunity to make your own decisions regarding what you want to happen to your assets. However, you will want to keep in mind how your decisions could affect your loved ones, especially if you make decisions that may seem mean, confusing or unfair.
Pets are an important member of many Tennessee families. They are protectors, companions and best friends that are with us through good times and bad. Considering all that a pet can bring to your life, it can be crucial that you take steps to protect your pet should you pass away.
Parents work their entire adult lives to provide for their kids and ensure their needs are met. If this work pays off in the form of substantial earnings and property, then you can have a considerable estate that can provide for your kids long after you are gone.
Careful preparation of digital assets is becoming an important part of estate planning. Digital assets may include sentimental items, like pictures and posts on social media, or assets with financial value, such as artistic photography, electronic currency, or revenue-generating blogs or websites. If people in Tennessee manage online stores on eBay, Etsy or other sites, they may have digital assets to consider. Preparing those assets can assist one's heirs and representatives during estate administration.
In many circumstances, when people die, they intend for their children to inherit their belongings. In fact, they may believe this happens automatically and that the children can simply move into their homes and take possession of their belongings. This rarely happens unless an estate has been carefully and legally prepared before someone's death. The deceased's property must pass through estate administration before heirs can claim it, and if the deceased left behind any debt, those creditors get first consideration.