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.
In addition, the estate planner should have a power of attorney which provides for how their financial matters should be handled if they become incapacitated. It can also designate a party to handle their financial affairs should they become unable to do so. In addition, the estate planner should have a living will or advanced healthcare directive which provides for how they want their medical care to be directed in the even they are incapacitated and it can also appoint someone to make those important decisions.
Estate planning is for everyone and effective estate planning tools allow the estate planner to tailor their estate plan to their unique situation and the circumstances of their family. In addition to setting up an effective estate plan, it is also important to update and maintain one. The estate planning process should not be a process that causes anxiety because of the number of helpful tools the legal process provides for estate planning.