Estate Planning Lawyer Maryville, TN

The Importance of an Estate Plan

Estate planning is an essential process for everyone, not just for those who are reaching retirement age. Estate planning can be helpful for families and individuals alike, who may be in various stages of life. Having an estate plan offers certainty for yourself and your closest loved ones. If you would like help creating an estate plan that fits your circumstances and wishes, then contact our Maryville, TN estate planning lawyer as soon as you can. At Carpenter & Lewis PLLC, we have helped so many people and their families find peace of mind knowing that their future is planned for. Please do not hesitate to call us today to learn more. 

Estate Planning Basics

Estate planning entails a review of your needs, both current and into the future. Most people think of estate planning as outlining how they want their assets to be distributed after they pass away. While this is true, it is just one small component of the entire estate planning process. By having an essay plan, you will have answers to things such as who will make decisions for you if you suddenly become incapacitated or ill, who will care for your children in the event of your death, who will be responsible for administering your state, and who will receive your assets after you pass on. Having an estate plan allows you to remain in control over events that have yet to happen. Furthermore, estate planning enables you to accomplish goals such as protecting assets from creditors, limiting the impact of estate taxes, eliminating the need for probate, controlling your beneficiaries access to funds, planning for the future of your business, and preparing for possible long-term care needs. To have our estate planning attorney serving Maryville guide you through the estate planning process, contact us today. 

Estate Planning Documents

There are many documents that may be included in your estate plan. Everyone’s plan should be geared towards their specific needs and circumstances, but there are some common documents that tend to be in most plans. These documents can include the last will and testament, trusts, advanced directive, beneficiaries, power of attorney, and more. If you have questions about these documents, please don’t hesitate to reach out to our team as soon as you can to get started. When preparing to create your estate plan it helps to know what your assets are, and who you would like your beneficiaries to be. Beneficiaries are people and/or charity organizations who you would like to inherit certain assets after your departure.

A Comprehensive Guide To Estate Planning In Tennessee

Estate planning is a crucial process that ensures your assets are managed and distributed according to your wishes after your death. In Tennessee, effective estate planning not only provides peace of mind but also minimizes potential conflicts among beneficiaries and reduces estate taxes.  

Our experienced estate planning lawyer serving Maryville, TN from Carpenter & Lewis PLLC can work with you to develop a personalized estate plan suiting your needs, obligations, and future goals.

Estate planning involves making arrangements for the management and disposal of your estate during your life and after you pass. This includes drafting wills, setting up trusts, designating powers of attorney, and planning for potential incapacity. The goal is to ensure that your assets are distributed according to your wishes, reduce taxes, and provide for your loved ones.

Wills

A will allows you to specify how your assets should be distributed, name an executor to manage your estate, and appoint guardians for minor children. In Tennessee, a will must be written, signed by the testator (the person creating the will), and witnessed by at least two people who do not stand to inherit under the will. Without a valid will, your estate will be distributed according to Tennessee’s intestacy laws, which may not align with your wishes.

Trusts

Trusts are versatile estate planning tools that can offer significant benefits. In Tennessee, there are several types of trusts:

• Revocable Living Trusts: These allow you to maintain control over your assets during your lifetime and specify how they should be distributed after your death.
• Irrevocable Trusts: Once established, these cannot be changed. They offer tax benefits and protection from creditors.
• Special Needs Trusts: These are designed to provide for a disabled beneficiary without disqualifying them from government benefits.

Powers Of Attorney

A power of attorney (POA) is a legal document that grants someone else the authority to make decisions on your behalf. In Tennessee, there are several types of POAs:

• Durable Power of Attorney: This remains in effect if you become incapacitated.
• Healthcare Power of Attorney: This allows someone to make medical decisions for you if you are unable to do so.
• Financial Power of Attorney: This designates someone to handle your financial affairs.

Living Wills and Advance Directives

A living will, also known as an advance directive, outlines your wishes regarding medical treatment in the event you become incapacitated. This document can specify your preferences for life-sustaining treatments and other medical care, ensuring your wishes are followed even if you cannot communicate them.

Probate and Estate Taxes

Probate is the legal process of validating a will and distributing an estate under court supervision. In Tennessee, probate can be time-consuming and costly, but proper estate planning can minimize the need for it. Tennessee does not have a state estate tax, but federal estate taxes may apply if your estate exceeds certain thresholds. Proper estate planning can help reduce potential tax liabilities, ensuring more of your assets go to your beneficiaries.

Essential Considerations for Digital Asset Estate Planning

From social media accounts to cryptocurrency, digital assets require careful planning to ensure they are properly managed and passed on. When planning for the future, many people forget about their digital property; our experienced estate planning lawyer serving Maryville, TN can review your assets and incorporate them into your overall estate plan.

Here are seven essential considerations that the Carpenter & Lewis PLLC  legal team employs for digital asset estate planning:

• Identify and Inventory Your Digital Assets

The first step in digital asset estate planning is identifying and inventorying all your digital assets. This includes online banking accounts, social media profiles, email accounts, digital photos and videos, cryptocurrencies, and online subscriptions and memberships.

Create a comprehensive list, including usernames, passwords, and security questions. This inventory will serve as a roadmap for your executor or loved ones to manage and distribute your digital assets after your passing.

• Understand the Terms of Service Agreements

Different digital platforms have varying terms of service agreements, which affects what happens to your digital assets after you die. For example, some social media platforms allow for memorialization or transfer of accounts, while others may automatically delete the account. It’s crucial to understand these terms and plan accordingly. Documenting your wishes in accordance with these agreements ensures your digital assets are handled as you desire.

• Designate a Digital Executor

Just as you would appoint an executor for your physical estate, it’s important to designate a digital executor who will manage your digital assets. This person should be tech-savvy and trustworthy. Ensure they have access to your digital asset inventory and understand your wishes regarding each asset. Including this designation in your will or trust provides legal authority for your digital executor to act on your behalf.

• Securely Store Access Information

Storing access information for your digital assets securely is critical. Consider using a password manager to store and share access credentials with your digital executor. Additionally, include instructions on how to access the password manager itself. Secure storage options, such as encrypted digital files or physical copies in a safe, help protect this sensitive information from unauthorized access.

• Plan for Digital Financial Assets

Digital financial assets, such as cryptocurrencies and online investment accounts, require special consideration. Ensure your digital executor understands how to access and manage these assets. This may involve providing private keys for cryptocurrency wallets or login information for investment platforms. Given the potential value of these assets, clear instructions and secure access are essential.

• Address Intellectual Property Rights

If you create digital content, such as blogs, videos, or music, address the intellectual property rights in your estate plan. Specify who will own and manage these creations after your death. Consider any ongoing revenue generated from these assets, such as ad revenue from a YouTube channel or royalties from published work, and ensure they are distributed according to your wishes.

Maryville Estate Planning Infographic

Maryville Estate Planning FAQs

Your Maryville estate planning lawyer can help you protect your legacy. At Carpenter & Lewis PLLC, we have over 30 years of experience helping our clients with wills, trusts, and estate planning for estates worth millions of dollars. No matter your net worth, we’re here to help. Read on to get some much-needed answers about estate planning, and contact us today to get started.

What Happens If I Die Without A Will?

If you pass away without a will, your estate is considered intestate. In Tennessee, this means your assets will be distributed according to state laws, which may not reflect your personal wishes. Typically, the court will divide your estate among your closest relatives, such as your spouse, children, or parents. This process can be lengthy, stressful, and might lead to disputes among your loved ones. Having a will in place ensures that you decide who receives your assets, and it can significantly simplify the legal process for your heirs.

What Is The Order Of Next Of Kin In Tennessee?

In Tennessee, the order of next of kin is determined by state succession laws when someone dies intestate. The estate first goes to the surviving spouse and children. If there are no spouse or children, the estate is distributed to the decedent’s parents, then siblings, and so forth. This hierarchical order underscores the importance of estate planning to ensure that your assets are distributed according to your specific desires rather than a predefined legal formula.

At What Age Should I Start Thinking About Estate Planning?

There is no specific age to start estate planning, but it’s wise to begin once you have any significant assets, responsibilities, or dependents. This could be when you buy your first home, have children, or acquire significant assets like investments or a business. Early planning is beneficial because it not only secures your financial future but also provides peace of mind knowing that your loved ones will be taken care of according to your wishes.

How Often Should I Update My Estate Planning Documents?

It’s advisable to review and possibly update your estate planning documents at least every three to five years or after significant life events. These events can include marriage, divorce, the birth of a child, the death of a family member, or significant changes in your financial situation. Regular updates ensure that your estate plan reflects your current circumstances and wishes.

How Do I Choose The Right Executor For My Estate?

Choosing the right executor is crucial as this person will be responsible for managing your estate according to your wishes after you pass away. Consider selecting someone who is responsible, organized, and trustworthy. It’s often beneficial to choose someone who is also impartial and has a good understanding of your family dynamics to handle potential conflicts effectively. Your Maryville estate planning lawyer can help you consider your options.

Contact Our Maryville Estate Planning Lawyer Today

At Carpenter & Lewis PLLC, we are dedicated to helping you navigate these decisions with confidence and ease. If you have more questions or need expert guidance tailored to your unique situation, don’t hesitate to reach out to us. Contact us today, and see how a Maryville estate planning lawyer from our office can help.