Our readers in Tennessee may know that they need an estate plan, but they may not know where to start. From complex asset management to so-called simple wills, estate planning is for everyone.
Estate planning basics
As a recent news article on this topic noted, estate planning gives you something that you won’t have without a plan: control. If you don’t have an estate plan in place, you do not control where your assets go when you die. That is up to the state intestacy laws – laws that are in place to pass your assets on to the next of kin, in most situations.
If you don’t want that process to take place automatically, at the very least you will need a last will and testament in place to specifically state how you would like your assets to be distributed after your death.
But, as the article noted, a comprehensive estate plan is made up of much more than just a will. A living will or healthcare directive allows you to put into writing exactly what types of medical treatment you prefer – and which you want to avoid. Power of attorney documents, for example, give others the power to make decisions on your behalf regarding medical treatment or financial situations, in the event that you become incapacitated and are unable to make those decision yourself.
Lastly, is a trust right for you? Trusts have many benefits, but the details are important. If you are looking into getting started with your estate planning process, be sure to get the right information for your family and financial situation. And, last but not least, when you get a plan in place, be sure to review it periodically in case updates are needed.