Estate Planning Lawyer Maryville, TN

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 Maryville estate planning attorney 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.  

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

What Is Estate Planning?

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

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.

Estate Taxes

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.

The Importance Of Professional Guidance

An experienced Maryville estate planning lawyer can help you develop an estate plan that complies with state laws and effectively meets your goals. Contact Carpenter & Lewis PLLC for a consultation.

Carpenter & Lewis PLLC

No one likes to think of a time when you’re no longer here with the closest loved ones. But it is essential to have an estate plan so that the legacy you leave behind goes to those you love the most. Our dedicated estate planning attorney is ready to get started today. Contact our team at Carpenter & Lewis PLLC to learn more about estate planning and how to prepare for the future.

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    Client Review

    “We own several businesses and have had the pleasure of working with Stephen and his team for over 9 years now. He always comes through in a pinch. They have assisted us with leases, estate planning, company formations and even landlord issues. I highly recommend them for all your business attorney needs!”
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    10413 Kingston Pike, Suite 200

    Knoxville, Tennessee 37922

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