Trusted Estate Planning Lawyers In Clarksville
When people hear the term “estate planning,” they often think solely of creating a will. However, estate planning is much more comprehensive, including the creation of wills, trusts, and assigning power of attorney for various purposes.
Proper estate planning is vital to ensure that your assets are distributed according to your wishes after your passing. The skilled estate planning attorneys at Batson Nolan PLC in Clarksville are here to help you develop a personalized estate plan.
Don’t wait for an emergency to start thinking about your family’s future. If you don’t plan ahead, a judge unfamiliar with your personal circumstances will distribute your assets according to Tennessee state law.
Begin your estate planning journey today by consulting with our knowledgeable attorneys at Batson Nolan PLC. Contact us online or call 931-650-5484.
The Importance of an Estate Plan
Creating an estate plan is crucial for protecting your family’s inheritance, minimizing the taxes they must pay, and simplifying the process of transferring your assets. Additionally, a well-structured estate plan can:
- Ensure that trusted individuals have control over your estate
- Appoint guardians for minors or special needs dependents
- Protect assets from unexpected creditors
- Distribute assets according to your specific wishes
- Provide for the special needs of a loved one
- Assign decision-making authority to trusted persons in case of incapacitation
Our experienced attorneys utilize a variety of legal tools to make these decisions binding and effective.
Key Tools for Estate Planning
The primary tools our attorneys use for estate planning include wills, various types of trusts, and powers of attorney.
Wills: A will is a legally binding document that outlines how your assets should be distributed after your death. To be valid in Tennessee, a will must:
- Be executed by someone of sound mind
- Be signed by the testator, who is at least 18 years old
- Be witnessed and signed by at least two individuals (preferably non-beneficiaries)
- A Clarksville estate planning attorney can ensure your will meets all legal requirements and reflects your wishes as circumstances change over time.
- Consequences of Dying Without a Will: If you pass away without a will (intestate), state laws will dictate how your assets are distributed. These laws may not align with your personal wishes, potentially leading to undesired outcomes for your estate.
Trusts: Trusts offer a flexible way to manage and distribute your assets. They can:
- Distribute assets after death
- Manage assets if you become incapacitated
- Help beneficiaries avoid probate
- Reduce inheritance taxes
- Provide ongoing care for special needs dependents
- Protect assets from irresponsible spending
- Trusts can be revocable (modifiable) or irrevocable (non-modifiable), each serving different purposes.
Powers of Attorney: A power of attorney is a document that allows you to designate someone to make decisions on your behalf. Types include:
- Durable Power of Attorney: Remains in effect if you become incapacitated, covering healthcare and end-of-life decisions.
- Special Power of Attorney: Grants specific powers for designated tasks.
- Springing Power of Attorney: Activates upon a specified event, such as incapacitation.
Risks of Not Having a Power of Attorney
Without a power of attorney, important decisions about your health and finances may be made by a court-appointed conservator. An estate planning attorney can help you draft a power of attorney to ensure your wishes are respected.
Why Choose Our Experienced Clarksville Estate Planning Attorneys?
Estate planning is complex and should not be a do-it-yourself project. A generic will from the internet may not meet legal requirements or adapt to changes in your life. Our experienced attorneys at Batson Nolan PLC can help you create a robust estate plan that evolves with your circumstances, providing peace of mind for you and your loved ones.
Contact our Clarksville estate planning attorneys today at 931-650-5484 or reach out online to schedule a free consultation in our Clarksville or Springfield office.