Dunlap Estate Planning Attorney

Skilled Estate Planning Attorneys Representing Clients in Dunlap, TN

We live in an age of unpredictability, and the majority of the causes of social change and turmoil are utterly beyond our control. We can’t forecast the next global catastrophe, pandemic, or recession, but we can prepare ourselves and our families for crises by saving cash, being properly insured, and educating ourselves. Similarly, while we have little influence over our death, we do have power over what happens to our assets when we pass away through estate planning and a Dunlap Estate Planning Attorney can assist in this.

One of the most essential things you can do to safeguard your future and guarantee that your loved ones are taken care of in the case of your death is to organize your estate. However, the procedure can be stressful because it necessitates several legal paperwork and it can be tough to think about the future. Fortunately, engaging an experienced Dunlap Estate Planning Lawyer at Elizabeth Greer Adams Law Group may make the process go smoothly.

Importance of Estate Planning

Estate planning entails putting down in writing your wishes for what should happen to your possessions when you pass away. It also serves as a record of who you want to make important medical and financial choices for you if you are unable to do so yourself.

Estate planning differs from individual to person. A single individual who rents a house and has no children would likely have a simplified estate plan than a remarried couple with multiple assets and children from both marriages. As a result, the estate planning process for each will most likely differ significantly. However, going through that procedure may be as necessary for everyone.

You get to decide what happens to your assets if you create a formal plan and make sure it’s enforced using legally valid instruments. It can also help to alleviate the stress that your family might feel if they were forced to make these decisions without your participation.

Estate Planning Tools

Trusts and Wills are the two most frequent estate planning tools with which our Dunlap Estate Planning Attorney assist our clients. A Will allows a person to specify how his or her belongings 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 make choices for them if they become mentally incapacitated.

Anyone who is 18 years old and of sound mind can make a will in Tennessee. A Will must be written and signed by the testator and two witnesses in the presence of the testator to be legitimate. 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 a property for the benefit of the 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.

Similarly, there are several other estate planning tools and the best one can be decided as per your situation with the help of Elizabeth Greer Adams Law Group.

What Happens If You Don’t Have a Will?

If someone dies in Dunlap without leaving a valid will, their 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 spouse will be entitled to the full inheritance. If the dead individual had children, the surviving spouse will be entitled to one-third of the estate or a child’s share, whichever is larger. The balance of the inheritance 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. In the case of a death, a Dunlap probate attorney can help answer questions you may have also.

Trust Our Dunlap Estate Planning Attorney

While these are only a few components of estate planning, the process may include a lot more. You can tailor your estate plan to meet your personal needs. The main thing is that you have a strategy in place for your estate. Kindly contact our Dunlap estate planning attorneys at (423) 949-3621 if you need assistance getting started with your estate plan.