An estate plan is a necessity, regardless of your financial status. This is particularly true when you have children, are married, or are responsible for the care of a loved one. In some instances, an estate plan can be as simple as preparing a will to designate someone to handle your estate after your death. In other cases, more complex estate plans are a requirement, particularly if your family is ‘blended’ or if you are a part owner of a business.
Deciding Which Type of Will
For some, a simple will accompanied by financial powers of attorney and medical directives is all that is needed. For others with minor children, a more complex estate plan may include testamentary trusts for those children. It is important to understand how to best protect your minor children’s future assets. Is your child prepared to receive a lump sum at the age of 18, or would you prefer they be a little older and more mature? Discuss these issues with your family and with me before we finalize your estate plan.
I will work with you to help you determine which estate planning tools best meet your needs. I am always prepared to explain available options to you and help you make the right decision for you and your family.
Importance of Powers of Attorney
Having a durable power of attorney in place can be invaluable if you are ill or suffer a life-altering disability. A durable power of attorney allows someone else to act on your behalf to manage your financial affairs. One common concern I hear is people believe once they sign a power of attorney they lose control over their finances. The fact is, we can ensure your power of attorney only can be used when there is a triggering event.
Health Care Directives
Tennessee laws allow you to issue a health care directive to another person you trust to manage your health decisions in the event you are unable to do so for yourself. This helps ensure your wishes for end-of-life care are adhered to by your medical team.
If you are interested in working with an attorney who provides high-quality services anywhere in the state of Tennessee, contact Sandos Law, PLLC today. I am committed to ensuring you get the customized estate planning services you need.