Knoxville Estate Planning Lawyer
For many people, estate planning is a process that is easy to put off. Unfortunately, no one can predict the future and so, it is important that you start planning for your estate now. A comprehensive estate plan can not only help your loved ones after you pass away, but it can also help you during your lifetime. Below are just a few of the services our Knoxville estate planning lawyer provides so you, your family, and your legacy are protected.
Estate Planning Services
At Fox, Farley, Willis & Burnette, we understand that planning for the future is a crucial step in securing the well-being of your loved ones and the preservation of your legacy. Our estate planning practice is dedicated to providing comprehensive and personalized solutions to meet your unique needs and goals.
Wills
Last will and testaments make up the foundation of many estate plans. A last will and testament can outline how a person’s property is to be distributed to beneficiaries after their death, and name a guardian for their minor children. Contrary to what many people think, drafting a will does not help loved ones avoid the probate process. In fact, the first step of probate is to prove, or validate, the will.
Trusts
Unlike wills, trusts do not have to go through probate. After drafting a trust, which is a separate entity, you then fund it by placing property into it. You can manage the trust during your lifetime and name a trustee who will take over the management of it after you pass away. There are many different types of revocable and irrevocable trusts. The most common are charitable trusts, special needs trusts, spendthrift trusts, and life insurance trusts.
Powers of Attorney
A power of attorney gives another person the authority to make financial and health care decisions on your behalf in the event that you are unable to. A power of attorney can prevent disputes among family members if they cannot agree on these decisions.
Advance Health Care Directives
An advance health care directive allows you to make decisions now about the future medical treatment you wish to receive, or not receive. For example, many people do not want to be placed on life support and so, they draft an advanced health care directive that states this preference.
Business Succession Planning
For many people, a business is the biggest legacy they leave behind. To ensure it is protected, business succession planning is important. You must determine who will take over the operation of your business and develop an action plan for people to assume those positions.
Estate Litigation
At times, disputes can arise during the probate process. A person may contest a will, or a creditor’s claim against the estate may be questionable. In these instances, litigation is necessary. These issues can be very complex, so it is critical that you are represented by a Knoxville estate planning lawyer.
Why Estate Planning Matters
Estate planning is not just for the wealthy or elderly; it is a vital process for individuals and families of all ages and financial backgrounds. Without a properly executed estate plan, your assets may be subject to unnecessary taxes, probate delays, and disputes among heirs. By taking proactive steps now, you can ensure that your wishes are carried out efficiently and effectively, providing peace of mind for you and your loved ones. Additionally, the laws and regulations surrounding estate planning (for example, estate and gift tax exemption amounts and existence of such taxes) frequently change at both the state and federal level, making it prudent to frequently examine your estate plan.
Our Approach
At Fox, Farley, Willis & Burnette, we take a holistic approach to estate planning, considering not only the distribution of assets but also factors such as healthcare preferences, guardianship of minor children, and business succession planning. Our attorneys work closely with clients to understand their unique circumstances and develop customized plans that align with their values and objectives.
Our Services
We offer a wide range of estate planning services, including:
Wills and Trusts: Drafting legally sound wills and trusts to specify how your assets will be distributed and managed after your passing.
Advance Directives: Preparing documents such as powers of attorney and healthcare directives to ensure that your wishes regarding medical treatment and financial decisions are honored in the event of incapacity.
Asset Protection: Implementing strategies to safeguard your wealth from creditors, lawsuits, and other potential threats.
Probate and Estate Administration: Assisting executors and administrators with the efficient administration of estates, including probate proceedings and asset distribution.
Special Needs Planning: Creating trusts and other arrangements to provide for family members with special needs while preserving eligibility for government benefits.
Our Estate Planning Attorneys in Knoxville Can Advise On Your Case
Developing a comprehensive estate plan is important, but that does not mean it is easy. At Fox, Farley, Willis & Burnette, our Knoxville estate planning lawyer can provide the legal guidance you need so you and your family are protected. Call us now at 865-766-4200 or contact us online to schedule a consultation and to learn more about how we can help.
