Why You Need An Estate Planning Attorney

Posted by winstonlawcenter on March 26th, 2019

What will happen to your loved ones and to your assets after you're gone? You may have amassed a lot of wealth, or you may have certain personal items you want to pass along to a certain child or to a dear friend. How can you make sure your loved ones are taken care of? Talk to a Knoxville estate planning attorney and chart a path for what will happen after you're gone.

Will

An attorney can prepare your will, make sure the proper formalities are met, and give you the opportunity to dictate who gets what when you pass. Here are a few things to keep in mind about a will:

• Not everything is controlled by a will. You'll name a beneficiary on your life insurance policy and your retirement accounts. You may have a joint bank account, and you probably own your home jointly with your spouse. You can place assets in a trust.
• The will allows you to designate a guardian for minor children.
• The will allows you to specify who gets personal items, like jewelry or family heirlooms.
• If you don't have a will, the property that isn't in a trust or doesn't pass to a beneficiary will pass under the laws of intestacy. That means it will go to your next-of-kin—your spouse, your children, your parents, your siblings, or other relatives.

Trust

If you place assets in a trust, they can be distributed without the time and cost of probating a will. With a trust, you can control when, how much, and for what purposes your children receive money. An attorney can explain the tax advantages of a trust.

Business

If you own a business, you can use a will to direct what will happen to your business interest. If you're in business with someone else, you can execute a buy-sell agreement stating what will happen to your interest if you retire, die, or become incapacitated.

Your Health

You need to have an estate plan should your physical or mental health decline. You can execute a power of attorney for health care, designating who will make health care decisions for you. You also need a durable power of attorney naming someone to take care of your financial matters should you become incompetent. An attorney can help you plan for  long-term health care.

Changes

Keep your estate plan current. For example, if you divorce, you'll need to change your will. Tax changes may impact your estate plan. Contact a Knoxville estate planning attorney to make sure your estate plan continues to meet your needs.