Wills Lawyer Maryville, TN

Estate planning is an area of law that includes a range of topics, such as trust, wills, and power of attorneys. 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 incapacitated, 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 Tennessee 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 making sure that your most cherished relatives receive the assets you want them to carry on into future generations. 

Common Mistakes To Avoid When Drafting Your Will

Our Marvyille, TN wills lawyer asserts that creating a will is one of the most important steps in planning for the future. It makes sure 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 complicated 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 verifies 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, so that there is no ambiguity in your instructions.

3. Overlooking Digital Assets

As our online footprints increase, 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. Our estate planning lawyer can help you create a plan for managing and distributing your digital assets, so 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 makes certain 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 making sure 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.

Legal Support for Your Will

Drafting a will is an essential step in protecting your assets and making sure 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 our Maryville wills lawyer from Carpenter & Lewis PLLC can help you avoid these pitfalls so that 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 getting your wishes 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 challenging than it first appears, and even minor mistakes can lead to serious issues down the line. Our 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 our wills attorney 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. Our wills and estate planning lawyer can help avoid these pitfalls by verifying 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 aspects of an individual’s situation. Our lawyer will take the time to understand your unique circumstances, from special family dynamics to complicated assets like business holdings or digital property. We will help you create a customized plan that reflects your true intentions, covering aspects that a generic form may overlook.

3. Confirming Your Will Is Legally Binding

Each state has specific requirements for a will to be legally binding, including witnessing and notarization rules. Our attorney is familiar with these requirements and can make sure that your will adheres to local laws, so it stands up in court if your will is contested. Without this legal guidance, you risk having your will deemed invalid, which can lead to probate complications and possibly a distribution of assets that goes 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. Our lawyer can advise on tax strategies that could minimize or eliminate certain estate taxes, depending on the size and elements of your estate. By working with our lawyer, you can incorporate these tax-saving strategies into your will, so that 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, our estate planning attorney can help add legal safeguards to make your will more challenging to contest. We can verify 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.

Protect Your Legacy With Our Legal Team

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

Maryville Wills Infographic

Maryville Wills Statistics 

Wills are essential legal documents so that an individual’s assets are distributed according to their wishes after death. However, many people fail to create one, leading to complications for their families. Here are three important statistics about wills:

1. Percentage of Americans Without a Will: According to a survey by Caring.com, 60% of Americans do not have a will. This statistic highlights the widespread lack of preparedness, which can lead to intestate succession, where state laws determine how assets are distributed. 
2. Wills and Estate Planning for Older Adults: A 2020 study published by the National Institute on Aging found that only 40% of adults aged 55 and older have a will in place. As people age, the importance of having a will increases, particularly for managing healthcare decisions and ensuring property distribution. 
3. Intestate Estates in the U.S.: According to the American Bar Association, approximately 60% of estates in the United States go through intestate succession because the deceased did not have a valid will. This can result in legal disputes and delays in the administration of the estate. 

Wills FAQs

When it comes to planning for the future, creating a will is one of the most important steps you can take to protect your assets and loved ones. Our Maryville, TN wills lawyer can help make sure that your wishes are legally documented and carried out according to your intentions. Our estate planning attorneys address some common questions about wills lawyers and why our legal guidance is invaluable.

What Does A Wills Lawyer Do?

Our wills lawyers specialize in drafting, reviewing, and updating wills. We make sure that your will complies with state laws and accurately reflects your wishes regarding asset distribution, guardianship of minor children, and other critical matters. We can also provide guidance on minimizing estate taxes and avoiding potential legal disputes.

Why Do I Need A Wills Lawyer? Can’t I Just Write My Own Will?

While it’s possible to create a will using online templates, doing so comes with risks. State laws vary, and a generic template may not address specific legal requirements in your jurisdiction. Errors or ambiguities in a DIY will can lead to disputes, delays in the probate process, or even invalidate the document. Our attorney checks to make sure that your will is legally sound, clear, and tailored to your unique circumstances.

How Much Does It Cost To Hire A Wills Lawyer?

The cost of hiring our wills attorney can vary depending on the details of your estate and your location. Simple wills may cost a few hundred dollars, while more complicated estate plans involving trusts or business assets may require additional fees. Our lawyers offer transparent pricing or flat fees for drafting a basic will.

When Should I Update My Will?

It’s essential to update your will after major life events, such as:

• Marriage or divorce.
• Birth or adoption of a child.
• Significant changes in assets (e.g., buying a house or starting a business).
• The death of a beneficiary or executor.

Our estate planning lawyer can help you amend your will to reflect these changes accurately and verify it remains legally valid.

What Happens If I Don’t Have A Will?

If you pass away without a will (intestate), state laws determine how your assets are distributed. This often results in outcomes that don’t align with your wishes, such as distant relatives inheriting your estate or a court deciding guardianship for your children. Our wills lawyers help you avoid this uncertainty by creating a clear plan.

Can A Wills Lawyer Help Resolve Disputes?

Yes, our wills lawyer can assist in resolving disputes, such as challenges to the validity of a will or disagreements among beneficiaries. We work to mediate conflicts so that the deceased’s intentions are honored.

What Other Services Do Wills Lawyers Offer?

In addition to drafting wills, our wills lawyers assist with estate planning, creating trusts, power of attorney documents, and healthcare directives. These services provide comprehensive protection for your financial and medical decisions.

Maryville Wills Glossary

Our Maryville, TN Wills Lawyer can explain difficult legal terms, and help clarify the process of drafting a will, administering an estate, and making sure that a person’s wishes are honored after their death. Since 1989, our team at Carpenter & Lewis PLLC has served our clients with their wills and estate planning needs. We understand it’s important to be familiar with certain legal terms. Below are key legal terms commonly encountered in the realm of wills and estate planning.

Testator

The testator is the individual who creates a will, specifying how their estate should be distributed after death. To be legally valid, the testator must be mentally competent and at least 18 years old when making the will. A testator can modify or revoke their will at any time as long as they are mentally sound. The testator has the freedom to distribute their estate in any manner they choose, as long as it complies with state laws, and the will reflects their true intentions. If no will is created, the testator is considered to have died “intestate,” meaning the estate will be distributed according to state law rather than personal wishes.

Intestate

Dying intestate means that an individual has passed away without a valid will in place, which complicates the distribution of the estate. When someone dies intestate, state law dictates how their assets are divided. Under Tennessee intestacy laws, the estate will be divided among close relatives such as the spouse, children, or parents. If no family members are available to inherit, the estate may escheat to the state. While dying intestate may seem like an easier option for some, it can lead to legal battles, unexpected outcomes, or delays in asset distribution, often causing tension among family members who may feel entitled to the estate.

Trust

A trust is a fiduciary arrangement where one person, known as the trustee, holds and manages assets for the benefit of another, known as the beneficiary. There are several types of trusts, including revocable trusts, which can be modified or revoked by the settlor, and irrevocable trusts, which cannot be altered once established. Trusts are often used to avoid the lengthy and expensive probate process, reduce estate taxes, and make sure that assets are distributed according to the settlor’s wishes. Trusts can also help protect assets from creditors, provide for minors or incapacitated individuals, and offer privacy for the estate since they do not go through public probate proceedings.

Will Contest

A will contest is a legal dispute that challenges the validity of a will. The contest may be initiated by individuals who believe they were wrongly excluded from a will or who think that the will does not reflect the true intentions of the deceased. Common grounds for a will contest include claims of undue influence, fraud, lack of mental capacity, or failure to properly execute the will according to legal requirements. If successful, a will contest may result in the will being declared invalid, with the estate instead being distributed according to an earlier will or under intestate laws. Our estate planning attorney recommends that those creating wills be aware of the potential for contest and take steps so that their wishes are clear and legally sound.

Witness

A witness plays a critical role in validating a will by observing the testator’s signature and attesting that the testator is of sound mind and not under any undue influence. Typically, witnesses must be impartial third parties who do not stand to inherit anything from the will, so that there is no conflict of interest. In most states, at least two witnesses are required to sign a will, and the witnesses must be present at the same time when the testator signs the document. The role of the witness is to confirm that the will was executed voluntarily and legally. If the witnesses’ signatures are not properly documented, or if they cannot be located at the time of probate, the validity of the will could be questioned in court.

Securing Your Family’s Future Through Estate Planning 

Every individual and family needs a will. Hiring our Maryville wills lawyer is a proactive step in protecting your legacy and making sure that your loved ones are cared for. Whether you’re creating a will for the first time or updating an existing one, our estate planning team offers peace of mind by verifying your wishes are legally enforceable and your estate is protected. Reach out to our trusted wills lawyers from Carpenter & Lewis PLLC today to secure your family’s future.