There are several important components of a Tennessee estate plan that estate planners should be familiar. They should also be familiar with the value of having an effective estate plan, and the ways in which one can ensure their wishes are fulfilled and provide a more peaceful transition process for family, friends and loved ones with fewer disputes and estate-related concerns to settle and resolve.
Estate planning allows the estate planner to plan beforehand for how they want their property to be distributed and their loved ones to be cared for. As part of an overall estate plan, there are several estate planning tools estate planners should be familiar with. The first tool is a will which should be validly executed in the state wherein the estate planner resides so it is important to know the rules in their state. In addition, a trust can be another effective estate planning tool and part of an overall estate plan which can work on its own or in conjunction with a will. There are different types of trusts for different situations so the estate planner should be aware of their options and how they might suit their needs.
