Knoxville, Tennessee Personal Injury Blog

Creating a will and an estate plan is just the first step in ensuring one's assets are distributed according to their wishes after their demise. To make sure that it takes into account changes in laws and life situations, it should be revisited every couple of years. As relationship and health changes, so do our wishes as to how our heirs inherit and what, but Pennsylvania residents often forget to update their estate plans accordingly. As the new year inches forward, one of the resolutions individuals should make is to review their estate plans and their life plans.

Estate tax has changed in recent years-it has been revised upwards which means that only estates that have a value of more than $11.2 million will be subject to federal tax. Therefore complicated estate plans that were created to minimize taxation may now be redundant. It's also important to make sure that asset designation is accurate-how it is titled determines how it passes through wills or trusts. A retirement fund that has designated beneficiaries will be distributed differently from a joint bank account that may end up going to the survivor even if that person is not included in the will.

Among the injuries people suffer in motor vehicle accidents, brain injuries may be the most difficult to diagnose and treat. Often resulting from a blow to the head, brain injuries can cause the functions of the brain to be temporarily or permanently disrupted.

A brain injury may not be immediately obvious and it is important to note that there are different types of brain injuries. The symptoms and effect of brain injuries can vary according to the nature of the injury but can include cognitive deficiencies that can make it difficult for injured workers to perform daily activities they used to able to perform with ease which can also impact their ability to perform their job. The victim can also experience emotional and physical deficiencies that can cause mood and personality disruptions and disturbances and other physical challenges.

Estate planning is sometimes something that people shy away from but they should not. Having an effective estate plan in place can provide peace of mind for the estate planner and their family that they have everything taken care of to ensure assets are distributed according to their wishes and other important considerations have been addressed.

There are several different components of an estate plan that estate planners should be familiar with. Estate planning may seem overwhelming or complex but it can be fairly straightforward and involves several important documents that are included in an overall and complete estate plan. Each estate is different so each estate planner should be familiar with estate planning tools that can help and trained guidance can also be beneficial to determine which estate planning tools are best for the estate planner's situation and circumstances.

There are a variety of reasons that may cause an interested party to challenge a will and if you have concerns about a loved one's estate, you may wonder when and how you can challenge a will. Will challenges are not generally terribly successful but there are several valid reasons to challenge a will if family members or other beneficiaries have concerns.

Typically, anyone with an interest in the will can challenge it, however, spouses are the most common party to challenge a will. A will may be challenged on the basis that the estate planner executing the will lacked the testamentary capacity required to do so. To have capacity to execute a will, the estate planner must be 18 years old or older. In addition, they must meet additional requirements including that they know the extent of their property; they know who their beneficiaries are; they understand the import of their actions and the disposition of their property in the will; and meet other requirements as well.