Dayton TN Estate Planning Attorney
Experienced Estate Planning Lawyers in Dayton, Tennessee
We realize that most individuals would rather not think about or deal with the subject of estate planning. However, having an estate plan is critical. It’s always a good idea to make sure that you and your family are taken care of if something unforeseen happens to you. When you decide to take this step, reach out to an experienced Dayton Estate Planning Attorney at Elizabeth Greer Adams Law Group to get answers to your important questions.
While it’s simple to put aside things that don’t affect you right now, it’s vital to ensure that the appropriate decisions for your estate’s future have been made. Our firm also handles the matters of Probate in Dayton, Tennessee. There’s no need to be fearful of legal procedures when you have the Elizabeth Greer Adams Law Group on your side to guide you.
Importance of Estate Planning
Whenever anyone dies without an estate plan, the distribution of his or her property and assets might take a very long time, causing family members to fight. If you don’t have a will or an estate plan in place, you should speak with an experienced estate planning attorney about your choices for safeguarding your properties and wealth in the future. We can work with you to create a plan that meets your present requirements as well as your long-term objectives, providing you the comfort that your estate will be dispersed correctly when you pass away.
Dying without a Will
If a person dies without a valid will in Tennessee, his or her property will be dispersed according to Tennessee’s intestate laws. If a person was married but had no children at the time of his or her death, his or her partner will be entitled to the full estate. If the departed individual had children, the surviving spouse will be eligible for one-third of the estate or a child’s share, whichever is larger. The rest of the assets will be split among the deceased person’s descendants if it is not given to the spouse. If a person dies without a spouse or children, his or her inheritance is given to the person’s parents.
Asset Restructuring
It may be advisable for a person to pass his or her assets or property to a trust or a loved one, depending on the situation. We can provide these ideas to residents and our clients. While Tennessee has no estate tax, some states levy an inheritance tax on any assets passed down to heirs or beneficiaries. Inheritance taxes can be costly depending on the value of the assets. If you hold property that may be liable to inheritance tax and want to protect your loved ones from tax penalties, you may want to consider passing the property to a trust or straight to your heirs.
Wills and Trusts
Wills and Trusts are two important types of estate planning documents. A will enables an individual to specify how his or her assets will be dispersed after death. People can also write living wills to specify the type of care they want if they become unable to make decisions for themselves, and they can give someone power of attorney to decide things for them if they become incapacitated.
A will must be written and signed by the testator and two witnesses in the presence of the testator to be valid. Any competent person can testify, but it is best if the witness is a neutral third party who does not stand to gain from the will to avoid charges of undue influence later on.
A person can also establish a trust to hold property for the benefit of another person. Individuals with significant holdings typically set up trusts to avoid paying taxes. There are many different types of trust instruments, and the best one for you relies on the purpose of the trust settlor.
The Elizabeth Greer Adams Law Group can advise you on various other types of estate planning tools and strategies to help you fulfill your wishes.
Contact our Dayton Estate Planning Attorney
You are never too young to confront life’s uncertainties. Nothing should prevent you from seeking estate planning if you have assets and possessions that will need to be secured when you pass away. We strongly advise you to do so with the help of our estate planning attorney. Contact our team of experienced legal professionals at (423) 775-3621 or fill out our convenient online form today.