When a spouse dies unexpectedly, sometimes they have not prepared a will or trust. Maybe they forgot to update their estate plan when they passed away. When this happens, the surviving spouse can elect to receive a certain part of their spouses estate. Find out how this elective share works in this article.
If you are named as the successor trustee of a loved one's revocable living trust, you likely have many questions: How do I manage the trust? What about debts? What about closing the trust out? If you have these questions, take a moment and familiarize yourself with your responsibilities as trustee and how to handle these issues.
Powers of attorney appoint someone to make healthcare and financial decisions for you if you cannot make decisions yourself. But what happens when you need to revoke that power of attorney and remove the person you named as your decision maker from power. Find out the process in this article.
Here are four common mistakes to avoid when preparing your last will and testament or are considering your estate plan. Take a moment to read through this article to understand how these mistakes arise and how to sidestep them.
If you are considering who should be witnesses to your will, take a moment to read this article. If you have a person who inherits under your will serve as a witness, understand that it can create problems for that beneficiary. Learn how to avoid any potential issues here.
Revocable living trusts have many advantages, but creating these trusts are only part of the battle. A revocable trust must be properly funded with assets. Find out what should go in a revocable trust and how it should be funded in this article.
If you own out of state property, it may be a good time to review your estate plan. Without proper planning probate may be required in those states in which you do not reside. Learn how putting those properties in a revocable living trust will avoid probate in those states and streamline the distribution of those assets.
Business is booming in Clarksville, Tennessee. While there may seem like there's no end in sight to how far our city can grow, your business could face an untimely end should something happen to you. Find out why incorporating your business into your estate plan is so important.
Persons with intellectual or developmental disabilities have the same legal rights as anyone else in Tennessee. However, that changes when a person becomes the subject of a conservatorship. In this blog, we will explain what rights may be taken away by Tennessee Courts.
A good financial advisor knows how important it is to have an estate plan that meets your long term financial goals. Find out how financial advisors can be of benefit in helping to create an estate plan that works for you and your family.
When you create a will, some family members and friends may be curious as to what your will says. Are they entitled to see a copy? Can they read it after your death? Learn who is entitled to read your will and the best places to keep it during your lifetime.
An emergency conservatorship is a type of conservatorship that is temporary in nature. It is uniquely designed to help protect disabled persons from potential harm to themselves and to others. Find out more about emergency conservatorships in this blog.
During the administration of the estate, conflict can sometimes arise between executors and beneficiaries. Most often, these conflicts center upon the executor's refusal to distribute property to a beneficiary and whether the executor has a right to do so. In this blog, we explain the role of the executor's relationship to the estate and the beneficiaries so you have a better understanding of when an executor must withhold money and when the executor cannot do so.
Second marriages present unique and often difficult estate planning issues. How do you balance providing your spouse but also taking care of your children? How do you title your assets when you are married? This blog delves into some of these issues and provides some potential solutions.
More and more people consider pets as part of their family. If you care about what happens to your pet in the event of your death, consider establishing animal trust in Tennessee, commonly known as a "pet trust".
What happens if a part of your will is faulty or is not properly executed? How big of a problem is it, even if the issue appears relatively minor? Well, there could be substantial issues. Discover the most common problems with wills in this blog.
From time to time, clients come to see us with handwritten wills that their mother or father prepared. These types of wills are called "holographic wills". While holographic wills are certainly legal, they can be problematic and are more difficult to validate than a more formal, typed last will and testament. Find out more about handwritten wills in this blog.
Benjamin Franklin is quoted as saying that "creditors have better memories than debtors". There is much truth in this statement. If your loved one owed money, there is a high likelihood those creditors will be calling when probate is opened. Check out how creditor claims are handled through Tennessee Courts.
If your spouse chooses to cut you out of their will, there are significant protections for you. Learn about your rights as the surviving spouse in this blog.
If you are considering creating a new LLC in Tennessee be aware that there are legal regulations on what you may name your LLC. The name must be clearly distinguishable from other business entities and not violate any other regulations that the the state has. Check out what these rules and regulations are in this blog.
It's true: Many people believe they do not need a last will and testament. Even more people believe they need to have a will, but they put it off for tomorrow. What if tomorrow doesn't come? Let's say you are in a tragic accident and you are killed instantly. If you die without a will, what happens to your assets?
If you have children, its likely that they are listed in your will as beneficiaries. However, in some unfortunate circumstances, a child may die before you do. What happens to that child’s inheritance? Does your child’s spouse inherit? Does it go to your grandchildren? Check out this blog to find out.
You have been told over and over again that you need estate planning to help your loved ones avoid probate in Tennessee. The reason always presented is a simple one: probate is costly. That may be true, but in what ways is the probate process costly? This blog outlines several reasons why you may want to avoid probate as much as possible to alleviate the burden for your beneficiaries.