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Living Wills in Tennessee

By on November 1, 2012 in Living Wills

tennessee living willWhat is a Living Will and how do I make one?

In Tennessee, a living will, or Advance Care Plan, is a document that allows an individual to communicate a multitude of choices regarding the individual’s health care.

Decisions to Make in Your Living Will

  • Naming an Agent and alternate Agent – These people will make health care decisions on your behalf in the event that you are unable to do so.
  • Quality of Life – You will make decisions regarding end-of-life care and whether or not you want specific medical treatments in the event you have certain end-of-life health conditions.
  • Burial arrangements
  • Organ Donation

Validating your Living Will

In order to be valid, your Tennessee living will needs to be signed by two witnesses or notarized. The witnesses can not be named as the agent, and one cannot be a relative.

Preparing your living will is a gift to your family. You are responsible for your own health care. Make your plans and wishes known to your family now, while you are able, by completing a living will.

If you require assistance or have any questions, please contact me, a Knoxville estate planning lawyer, at 865-245-9455.

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I’m Having Another Baby…Do I Need to Change My Estate Plan?

By on October 12, 2012 in Guardianship, Testamentary Trusts, Trusts, Trusts for Minors, Wills

My wife and I are welcoming our third child into the world sometime in the next few days, so I thought it appropriate to discuss the topic of how having additional children affects your currently-in-place estate plan.

As for me, I don’t need to do anything to my estate plan, because even though our family is growing larger, my plan grows along with it, and hopefully yours does too. As long as your plan has language in it which allows for the contingency of having more children, then your estate plan won’t need to be changed. It will usually say something along the lines of “any children born (or adopted) after the date of execution of this will are to be treated in the same manner as children named in this will.” That’s a major paraphrase, but you can get the gist of what I’m saying here.

Now if your plan doesn’t have this sort of language in it, then you should call your estate planning lawyer and get it changed NOW. Don’t leave things to chance. Don’t put it on a to-do list. Pick up the phone. Right now.

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Every Parent Should Make a Will

By on September 28, 2012 in Guardianship, Testamentary Trusts, Trusts for Minors, Wills

Every parent of a child, whether newborn or middle-aged, needs to make a will.

Why? I offer the following reasons:

1) Guardianship – If you are a parent of a minor child, you MUST name your desired guardian for your children. Why would you leave this most important of decisions in someone else’s hands? As a parent, you need to decide who you want to raise your children in the unfortunate event of your death. When you make a will, you decide who will serve as guardian to your children. Don’t forget to name a backup.

2) Asset Distribution – You need to ensure that your children receive assets in a manner that makes sense for your particular situation. Everyone’s situation is unique, both in an asset sense and in a family structure sense. Your asset plan needs to properly reflect your unique situation instead of merely following the default plan of your state. If you have minor children, you need to leave your assets to your children in a testamentary trust rather than simply an outright inheritance to be received at age 18. You need to choose a person to manage your minor child’s assets as well.

3) Clarity – Letting others know your wishes can be a great comfort in a time of tragedy, such tragedy being your death. This is especially the case where children are involved. People your age pass away each and every day, often without warning. Being prepared is a gift to those you leave behind.

For parents, making a will is simply one part of being a responsible parent to your children. Just do it already!

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What is a Living Trust?

By on October 19, 2011 in Trusts

living trustA Living Trust Is an Agreement

A trust is an agreement under which one person, called a trustee, holds the title to property for the benefit of another person, called a beneficiary. Often, a person is the trustee and beneficiary of his or her own living trust, retaining control over his or her property during life (just as the property would be owned without a trust).

A Living Trust Must Be Created During Life

A living trust (also called an inter vivos trust) is a trust that is created while a person is alive, instead of one that is created through a will at a person’s death.

Living trusts can help a person avoid probate, reduce estate taxes, or manage property.

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Do I Need an Estate Plan?

By on August 3, 2011 in Intestate, Living Wills, Power of Attorney, Probate, Wills

As a Knoxville estate planning attorney, I am asked this question often. First of all, the question is somewhat of a trick question, because it’s not a question of whether you need an estate plan or not, because EVERYONE already has an estate plan. The laws of the State of Tennessee have seen to that. If you pass away, someone is going to inherit your assets in some manner. The only question that remains is whether or not you want to take some measure of control over that outcome and whether or not you should.

So the intended destination and process by which your property, i.e., everything you own, is distributed after your death, is all part of your estate plan. It’s not just about the stuff that passes by a will. It’s also property that passes outside your will. That could be your house, your retirement accounts and bank accounts, and life insurance. The path to new ownership for each and every one of those assets is part of your estate plan.

And your estate plan isn’t just about assets either. It’s about people. Major parts of your plan are things like guardianship, financial decision-making power, and health care decision-making power. Each of these things is part of your estate plan.

So back to the original question…”Do I need a personalized estate plan?”

The answer: It’s entirely up to you.

  • If you have kids, do you care about who would raise them or be in charge of them? Would you like to leave that choice up to someone else?
  • Do you care who will own your financial assets if you pass away?
  • Do you care about who would make decisions for you if you couldn’t make them for yourself?
  • Do you care how you are treated in a hospital if you have a terminal illness?

If the answer is YES to an of the preceding questions, then my response to the original question is YES, you need a personalized estate plan.

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