Estate Planning Lawyer
In the past, many people didn’t have much in the way of estate planning because they didn’t have as much to pass down, but things have changed over time and that’s no longer the case. If you want to be sure that your family can get all the money, land, and other assets that you want them to have when you die, you should consider having an estate plan drafted up by an estate planning lawyer Knoxville, TN right away. This guide on how to create an estate plan will show you what it takes to draft up something that can take care of your loved ones after you die according to our friends at Carpenter & Lewis PLLC.
Who Needs an Estate Plan?
You may not think you need an estate plan, but if you have any assets or loved ones, you should have one in place. Here are a few situations when an estate plan is particularly important:
- When you have young children. If something happens to you, you need to make sure your children are taken care of. An estate plan can help ensure that they end up in the right hands.
- When you own a business. If you own a business, an estate plan can help ensure that it is passed on to the right person and that your family is taken care of financially.
- When you have assets.
What is the Last Will and Testament Probate Process Like?
If you die without a will, your estate will go through probate, which can be a long and expensive process. Even if you have a will, your estate may still go through probate if you haven’t updated it in a while. It’s always good to get an estate planning lawyer involved with updating your will as they know the most up-to-date information on what needs to be included. An estate planning lawyer can also help you get all of the right documents in order so that there are no questions about what happens to any of your assets or property when you pass away.
What about if You Have Kids or Stepkids?
If you have kids or stepkids, you need to consider them in your estate planning. You’ll want to appoint a guardian for them in case something happens to you and your spouse. You’ll also want to set up a trust so that their inheritance is managed properly. And don’t forget about life insurance! Make sure you have enough coverage to provide for your family if something happens to you. One of the most important parts of any estate plan is choosing the right executor. There are two ways to do this: by appointing someone specific as executor (such as a friend or lawyer) or by leaving it up to the probate court. The probate court will decide who should be the executor based on who will serve best with no input from you. So make sure you know who would be best suited for this role before you die because there’s no changing it later!
Are There Any Exceptions to Making a Will?
Yes, there are a few exceptions. If you die without a will, your assets will be distributed according to your state’s intestacy laws. Also, if you have a living trust, your assets will be distributed according to the terms of the trust. Finally, if you have beneficiary designation forms (for example, for life insurance or retirement accounts), those assets will be distributed according to the beneficiary designations.
Contact an estate planning lawyer for help writing your will today!