Creating an estate plan is a task that many people put off, either because it feels overwhelming or because they think it is not necessary at their current stage in life. However, having an estate plan is important at any age. It offers you control over your assets and helps protect your loved ones from potential legal difficulties after your passing.
Here are some of the reasons why you should not wait to create an estate plan in Tennessee.
Preventing disputes over property
Without an estate plan, the distribution of your assets after your passing will fall under Tennessee’s intestacy laws. This may lead to disputes among your heirs, as the distribution may not align with what you would have wanted. By creating an estate plan, you ensure that your property goes to the people you choose.
Providing for minor children
If you have minor children, an estate plan is essential. In your plan, you can name guardians for your children if something happens to you. Without a plan, the state will decide who will care for your children.
Probate is a lengthy and costly process. By creating an estate plan, you can outline clear instructions for asset distribution, which can help your family avoid the probate process.
Controlling your medical care
An estate plan also includes a living will or healthcare directive. These documents outline your wishes for medical care if you become unable to make decisions for yourself. Without them, your family might have to make difficult decisions without knowing what you want.
Procrastination can have severe consequences when it comes to estate planning. By creating an estate plan now, you can make sure that your estate follows your wishes to care for your loved ones after you die.