Estate planning is one of the best ways to plan and protect your family's future. The best estate plan for you and your family depends upon your particular needs and goals.
Estate Planning can be simple or complex and since it has significant long term effects you would be well advised to consult with
experienced advisors who know Tennessee Estate Law.
At Ingraham, Pautienus, & Tidwell our firm knows the finer details of Tennesee Estate Law, what to do and what to avoid, and how to protect our clients so that they can experience the best of possible outcomes.
At Ingraham, Pautienus, & Tidwell our attorneys, Robert Pautienus and Jay Adcox guide our clients for all matters related to Nashville and Tennessee Estate Planning concerns.
You may contact Robert directly through this website at Robert Pautienus or Jay at Jay Adcox, you may use our firm's on-line Contact Form, or call us at (615) 370-3010 for immediate action on your case.
F.A.Q.
Frequently Asked Nashville Tennessee Estate Law & Planning Questions
The following questions are among the most frequently asked of our firm relating to Tennessee Estate Planning and how the Nashville Tennessee Estate Planning Law Firm of Ingraham, Pautienus, & Tidwell addresses these issues.
If your questions are not answered here or you need more information please call us or send them through our Contact Form.
You may click on each FAQ below to see or hide an answer or ...
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It is one of the most important steps any person can take to make sure that their final property and health care wishes are honored. A properly prepared estate plan can resolve a number of legal questions that arise whenever anyone dies: the transfer of property at death, guardianships for minor children, estate tax minimization and funeral arrangements.
An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. We will be happy to assist you in setting up an estate plan.
Most estate plans include at least three fundamental elements: a will; durable power of attorney; and a living will/advance care plan and/or a health-care proxy (medical power of attorney). Trusts aren't just for the wealthy, for many people, an appropriate trust can be created that meets your current and future needs.
In our opinion, anyone who has a family to take care of and earns a living should have an estate plan. For those who are retired and/or want to optimize their estate for distribution at their time of death should have a carefully drawn up estate plan too. Other factors that suggest an estate plan is needed is if your circumstances include: minor children, concerns with beneficiaries' abilities to properly handle their inheritance, or a disabled child or beneficiary.
We start the planning process by giving you the questions that you need to consider, so that you can think through the issues and arrive at how you want the plan structured. Every situation is different and it is always our goal to work with you to develop a plan that meets your needs. After we discuss the issues and possible solutions, the next step will be for us to provide you with the various planning options. There are always numerous ways to solve any issue, and we strive to provide you all the options, with a detailed explanation of how the options function, as well as a cost benefit analysis of each approach. After you decide the approach, we will then prepare the planning documents for your signature, and counsel you on any funding necessary to effectuate the plan.
We all encounter life changes that can significantly affect your estate plan. Here are a few things that may suggest a review of your estate plan.
Adding family members by such events as birth, adoption or marriage.
Significant changes (up and down) in assets or earnings. Winning a lottery, inheriting assets, losing a job, retiring.
Having an existing estate plan that was drawn up in another state.
Any one of these and other significant life changes can have a direct impact on your current estate plan and call for a review with our firm. In addition, it is wise for you to personally review your plan every few years to insure it still meets your goals and family situation.
Probate is a court proceeding. It is the legal process by which a person's final debts are settled and legal title to property is formally passed from the decedent to his or her beneficiaries and heirs.
If there is a will, the probate process is initiated in the county of the decedent's legal residence at death. Somebody acting on behalf of the decedent must come forward to the Probate Court with the decedent's original will.
If there is no will, somebody must ask the court to be appointed as administrator, to perform the same function.
The Three Basic Steps Of Probate are: collection, inventory, and appraisal of all assets that are subject to probate; paying the bills - taxes, estate expenses, and creditors of the decedent; and formal transfer of estate property according to the will or, if there is no will, by the state laws of intestate succession.
A will is a legal instrument which states how the testator's property is to be distributed at death. A valid will avoids many of the problems that may arise from dying without a will and allows a person to leave property to the persons he or she desires. In addition to naming the recipients of the testator's property, the will also designates the individual(s) who will manage the property and care for minor children. In larger estates, the will may contain provisions that minimize estate/inheritance taxes.
The answer is yes, if you want to decide how your assets are distributed when you die. It is also the best place to name guardians for your children.
Dying without a will - known as dying "intestate" - means you have no say over who receives your assets, leaving your heirs with the statutory distribution plan prepared by the government.
Consult with an estate-planning attorney to see if you need a will, or possibly a more complex planning vehicle, such as a living/revocable trust.
Organize your objectives, prepare an inventory of your assets, an estimate of your outstanding debts, and prepare a list of family members, Clearly identify the relationship of everyone who is to be mentioned in your will.
Wills seem easy to prepare by yourself or with a 'will program' but the risks if it is not done properly according to your state's law, are immense. We strongly recommend that you contact our estate-planning attorney to discuss your planning needs.
An entity known as a trust is essential in most situations in creating strategies for accomplishing asset protection and privacy benefits. A trust is typically in the form of a written agreement between the settlor (trustor), the person creating the trust, and the trustee. The written trust agreement provides that the settlor will transfer certain assets to the trustee and the trustee will hold those assets for the benefit of the named beneficiaries.
All trusts must have properly drawn up common basic components and the differences in the manner in which they are created and the purpose for which they are created are the features that differentiate the various types of trusts that exist today.
There are Living Trusts vs. Testamentary Trusts and Revocable Trusts vs. Irrevocable Trusts, and a myriad of specialized trusts, such as Irrevocable Life Insurance Trusts, etc…. If a trust is advisable for your situation, our firm can guide you as to the right trust to create to meet your objectives.
Just as there are different types of trusts, each offers different benefits. For example, Testamentary trusts do not avoid probate but Living trusts do avoid probate if properly funded during the grantor's lifetime. There are more formalities to creating - and changing - a testamentary trust than a living trust. Give us a call so that we can set up an appointment to understand your needs and prepare the trust that best meets your objectives.
Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. In contrast, a Trust owns the trust property, and therefore, the trustee can transfer the property at your death as directed by the trust without the need for court approval. An AB trust (for a couple), both avoids probate and saves on estate/inheritance taxes.
Like creating a will (above FAQ) you can create a trust by yourself or with commercial software packages but the risks you assume, if not properly prepared according to your state's law, is that the state could end up handling your estate just as if you died intestate. Our recommendation is as follows:
Organize your objectives, prepare an inventory of your assets, an estimate of your outstanding debts, and prepare a list of family members. Clearly identify the relationship of everyone who is to be mentioned in your trust.
Bring the documentation you prepared above and consult with our firm's estate-planning attorney as to what kind of trust best meets your needs and goals.
Dying without a will is called dying "intestate." If you don't have a will or a trust when you die, your estate will be distributed according to state laws, which may or may not be the way you want it to be distributed. In Tennessee, if you are married and have children, the state awards a percentage of your estate to your spouse, with the rest divided among your children. If you are single, Tennessee provides that your estate will go to your children or to other living relatives if you don't have children. If you have absolutely no living relatives, then your estate will go to the state.
There are other techniques that can be employed such as using accounts with beneficiary designations, or jointly titling property and assets. These approaches can be very effective but require a high degree of specificity to insure that the planning is correct implemented. In order to assess this option, we strongly recommend that you contact our estate-planning attorney to discuss your planning needs.
Disclaimer
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
At Ingraham Pautienus & Tidwell, PLLC, we represent people throughout Middle Tennessee, including clients in Nashville, Brentwood, Franklin, Murfreesboro, Gallatin, Clarksville, Davidson County, Williamson County, Rutherford County, Robertson County, Sumner County, Wilson County, Putnam County, Maury County, Coffee County, and Cheatham County.
