Wills Lawyer Maryville, TN

Estate planning is an area of law that includes a range of topics, such as trust, wills, and powers of attorney. At Carpenter & Lewis PLLC, we believe that estate planning is essential for anyone who wants to leave assets to their closest loved ones or charity organizations after they pass away. These documents can also help someone save money on taxes throughout their lifetime and enjoy using their property while keeping assets safeguarded from creditors. All in all, estate planning states how you want your assets to be handled after you pass on or if you were to become temporarily or permanently incapacitated. If you have questions about estate planning or would like to get started today, then please contact our Maryville, TN wills lawyer as soon as you can. 

What To Know About Wills

One of the most common documents used in estate planning is called a will. A person must be of clear and sound mind in order to create a will, and the author must be free of any duress or forced coercion at the time it is signed. In order to be legally valid, the signing must entail a witness. Changes to the will can be made at a later time, permitting that the individual has the capacity to do so. Every will must go through the court process called probate after they pass away. If someone dies without having a will, then their property will be distributed based on state law. What this means is that the property will be inherited by the closest relatives as instructed in the state statutes instead of those that would have been named in the will. For this reason, many people are motivated to have a will so that the court does not choose who will receive which assets. 

Benefits Of A Living Will

A living will is a document that outlines the type of treatment a person wants to receive if they were to become capacitated, not able to make their own medical decisions, or otherwise are unable to communicate these wishes to medical providers. As our knowledgeable wills attorney explains, if a person does not have a living will, then doctors may be obligated to provide certain services even if these treatments are not likely to prolong life or if they are invasive based on the patient’s terminal or poor condition. One of the benefits of a living will is that someone can have peace of mind knowing that their preferences in regards to medical care will be honored if a situation of incapacitation were to happen. 

Carpenter & Lewis PLLC

At Carpenter & Lewis PLLC, we know that planning for the future can seem overwhelming but it is a vital component of securing what you have built over a lifetime and having reassurance that your personal wishes will be followed. Our TN wills attorney can get started helping you today. All you have to do is reach out for a consultation and we can begin. Estate planning is an important step in protecting your legacy and ensuring your most cherished relatives receive the assets you want them to carry on into future generations. 

Common Mistakes To Avoid When Drafting Your Will

As a Marvyille, TN wills lawyer can confirm, creating a will is one of the most important steps in planning for the future. It ensures that your assets are distributed according to your wishes and that your loved ones are taken care of after your passing. However, drafting a will can be more complex than it seems, and there are several common mistakes that people often make. These errors can lead to disputes, unintended consequences, or even render the will invalid. Here are some of the most common mistakes to avoid when drafting your will.

1. Failing To Update Your Will

One of the most common mistakes is not updating your will regularly. Life circumstances change—marriages, divorces, the birth of children, or acquiring new assets are just a few events that may require an update to your will. If your will doesn’t reflect your current situation, it may cause confusion or legal challenges for your beneficiaries. Regularly reviewing and updating your will ensures that it accurately reflects your current wishes and circumstances.

2. Not Clearly Identifying Beneficiaries

Another common mistake is failing to clearly identify beneficiaries in your will. Using vague language or incomplete names can lead to confusion or disputes. For example, if you leave an asset “to my friend,” without specifying the friend’s full name and contact information, it may be unclear who should inherit that asset. It’s essential to provide specific details, including full names, addresses, and relationships to you, to ensure there is no ambiguity in your instructions.

3. Overlooking Digital Assets

In today’s digital world, many people forget to include their digital assets in their will. Digital assets can include online banking accounts, social media profiles, cryptocurrency, and digital files. If you do not specify what should happen to these assets, they may be lost or inaccessible to your loved ones. A wills lawyer can help you create a plan for managing and distributing your digital assets, ensuring that nothing is overlooked.

4. Failing To Name A Contingent Beneficiary

It’s important to name a contingent beneficiary in case your primary beneficiary is unable to inherit the asset. If you don’t name a backup, the asset may end up going through probate, which can be a lengthy and costly process. Naming a contingent beneficiary ensures that your assets are distributed according to your wishes, even if unforeseen circumstances arise.

5. Not Appointing The Right Executor

Choosing the right executor is critical to ensuring that your will is carried out smoothly. An executor is responsible for managing your estate, paying off debts, and distributing assets to your beneficiaries. Some people choose a close family member or friend without considering whether they are suited for the task. It’s important to select someone who is organized, responsible, and capable of handling the administrative duties. In some cases, it may be beneficial to choose a neutral third party, such as a lawyer or professional executor.

Conclusion

Drafting a will is a crucial step in protecting your assets and ensuring that your loved ones are taken care of. By avoiding common mistakes such as failing to update your will, clearly identifying beneficiaries, and appointing the right executor, you can minimize the risk of disputes and complications. Working with a Maryville wills lawyer from Carpenter & Lewis PLLC can help you avoid these pitfalls and ensure that your will accurately reflects your wishes, giving you peace of mind about the future.

Top Reasons To Hire A Wills Lawyer For Your Estate Planning Needs

When it comes to securing your legacy and ensuring your wishes are honored after you’re gone, few documents are as essential as a will. However, the process of creating a legally sound will can be more complex than it first appears, and even minor mistakes can lead to serious issues down the line. A Maryville, TN wills lawyer brings specialized knowledge and experience that can make a world of difference in estate planning. Here are the top reasons why hiring a wills lawyer is essential for your estate planning needs.

1. Avoiding Common Mistakes

DIY wills may seem straightforward, but even a small error can cause legal complications. Common mistakes include incorrect wording, improper witness signatures, and failure to account for all assets. If a will is found invalid due to these or other errors, it could be as though you never created one at all. A wills lawyer can help avoid these pitfalls by ensuring your document meets all legal requirements and is worded accurately to avoid misinterpretation.

2. Tailored To Your Unique Situation

Each person’s estate is unique, and a one-size-fits-all approach to will creation often doesn’t capture the specific needs or nuances of an individual’s situation. A wills lawyer will take the time to understand your unique circumstances, from special family dynamics to complex assets like business holdings or digital property. They’ll help you create a customized plan that reflects your true intentions, covering aspects that a generic form may overlook.

3. Ensuring Your Will Is Legally Binding

Each state has specific requirements for a will to be legally binding, including witnessing and notarization rules. A wills lawyer is familiar with these requirements and can ensure that your will adheres to local laws, so it stands up in court if contested. Without this expertise, you risk having your will deemed invalid, which can lead to probate complications and possibly distribute assets against your wishes.

4. Protecting Your Loved Ones From Unnecessary Taxes

Estate taxes can significantly reduce the inheritance you intend to leave for your beneficiaries. A wills lawyer can advise on tax strategies that could minimize or eliminate certain estate taxes, depending on the size and complexity of your estate. By working with a lawyer, you can incorporate these tax-saving strategies into your will, ensuring your beneficiaries receive the maximum benefit possible.

5. Safeguarding Against Potential Disputes

Unfortunately, disputes among family members over wills are not uncommon. If there is even a hint of potential conflict, a wills lawyer can help add legal safeguards to make your will more challenging to contest. They can ensure that each clause is carefully crafted to reduce the risk of misinterpretation and add clauses that prevent beneficiaries from contesting the will, thus protecting your final wishes and reducing family conflict.

Conclusion

Hiring a Maryville wills lawyer from Carpenter & Lewis PLLC offers peace of mind and legal expertise that can save your loved ones from unnecessary stress, taxes, and disputes in the future. By ensuring your will is thorough, legally sound, and tailored to your specific circumstances, a wills lawyer helps you create a secure plan that honors your wishes. In estate planning, investing in a wills lawyer is an investment in your legacy and your loved ones’ well-being.