LaFollette Estate Planning Lawyer
Planning for the end of your life is never easy. However, making sure your family’s well-being and your legacy are protected is incredibly important. Without a comprehensive estate plan, your loved ones can face probate delays, unnecessary taxes, and expensive court proceedings. Your family may also have uncertainties about your wishes. Truthfully, everyone has an estate, whether it includes only personal items or substantial assets. Our LaFollette estate planning lawyer can bring the peace of mind that your affairs are in order.
Wills
Your last will and testament can outline the property you want to be transferred to your beneficiaries after you pass away. These legal documents can also name a guardian for your minor children. Holographic wills, which are handwritten and with just the signature of the testator, are not valid in Tennessee. A self-proved will, which is signed by the testator and witness in front of a notary, can streamline the probate process.
Trusts
Trusts can help your loved ones avoid the probate process after you pass away. There are many types of trusts that can form part of your estate plan including:
- Revocable trusts: During your lifetime, you retain control over a revocable trust and can manage the property within it. These trusts become irrevocable after you pass away, and the trustee you named will distribute the property to your beneficiaries.
- Irrevocable trusts: Except under special circumstances, irrevocable trusts cannot be changed once they are set up. Irrevocable trusts are commonly used for asset protection and tax minimization.
- Special needs trusts: A special needs trust can allow you to leave an inheritance behind for a loved one with special needs without affecting their eligibility for government benefits.
Powers of Attorney
There are two types of powers of attorney in LaFollete. A financial power of attorney gives a person of your choosing the authority to handle legal and financial matters on your behalf. These can include decisions about real estate transactions, banking, and business interests if you are ever incapacitated and cannot make these decisions on your own.
A healthcare power of attorney provides someone you choose with the authority to make healthcare decisions based on your preferences. You can outline your preferences for the medical treatment you receive, end-of-life care you do or do not want, and other decisions.
Powers of attorney have many different benefits. They ensure your wishes will be fulfilled, even if you are ever in a position where you cannot make them known. They can also ease the burden on your family members in the event you are ever incapacitated, as they will not have to make these decisions for you.
Our Estate Planning Lawyer in LaFollette Can Provide the Legal Help You Need
If you have not yet started planning for your future, now is the time. At Fox, Farley, Willis & Burnette, our LaFollette estate planning lawyer can make it easier and help you create a plan that protects you and your family. Call us now at 423-226-3787 or contact us online to request a consultation and to get the legal help you need.
