Sevierville Estate Planning Lawyer
When it comes to estate planning, it is easy to procrastinate. However, putting off this important task can hurt you and your family. You likely already know which property you want to leave to certain family members but without a proper plan in place, this may not happen. No one can predict the future and if you become incapacitated at some point in the future, an estate plan can also make sure your wishes are still fulfilled. Below, our Sevierville estate planning lawyer outlines the services we provide that can help protect your legacy.
Wills
In many estate plans, the will lays the foundation for the other elements. Your will can stipulate how you would like your property distributed to your beneficiaries after you pass away. If you have minor children, you can also name a guardian for them in the event that you or their other parent cannot care for them. Despite what many people think, a will alone does not help your family avoid probate. In fact, validating the will, known as proving it, is the first step in the probate process.
Trusts
Trusts, unlike wills, do not pass through probate. Once a trust has been created, it is a separate entity, so they can avoid the process. After creating a trust, it is then funded, which requires placing property into it. During your lifetime, you can manage the property within the trust including selling it or placing more property into it. You can also name a trustee to manage the trust after you pass away and distribute the assets to your beneficiaries. There are many different kinds of trusts including special needs trust, charitable trusts, life insurance trusts, and spendthrift trusts.
Powers of Attorney
By drafting a power of attorney, you give someone else the authority to make decisions on your behalf. These decisions are largely about your financial and health care matters. A power of attorney does not only ensure your wishes will be fulfilled, but it can also help avoid disputes between your family members in the future.
Business Succession Planning
If you have a business, it will likely be one of the biggest assets you leave behind. Business succession planning is important to make sure that it is protected. Business succession planning requires you to decide who will take over the operations of the business if you pass away or become incapacitated, and develop an action plan for key employees.
Our Estate Planning Lawyer in Sevierville Can Advise On Your Case
Estate planning may not be the most exciting thing to do, but it is one of the most loving and important things you can do for your family. At Fox, Farley, Willis & Burnette, our Sevierville estate planning lawyer can advise on the documents you need to include in your plan, and will execute them properly so they are not contested. We have helped many people plan their legacy, and we can help you, too. Call us now at 865-225-6784 or fill out our online form to schedule a consultation and to learn more.
