Estate Planning Made Easy For You And Your Family

While many people understand the importance of an estate plan, few take the time to sit down with an estate planning lawyer. There are several elements of a successful estate plan, and they may be difficult to navigate alone:

• Wills
• Trusts
• Powers of attorney
• Medical directives (or “living wills”)
• Guardianships and conservatorships

At the Law Office of Meghan A. Bodie, I sit you down and walk you through each of these elements to ensure you, your assets and your family are all secure in the years to come. It’s easier than ever to have an estate plan in place — and when a crisis strikes, you’ll be happy you have one.

Why You Need To Establish An Executor

Establishing an executor represents one of the most critical decisions in your estate planning process. An executor serves as your personal representative who will carry out your wishes after your death, making this appointment essential for protecting your family’s interests.

Without a designated executor, Tennessee courts will appoint an administrator to handle your estate, which may not align with your preferences or family dynamics. Your chosen executor will handle responsibilities including filing your will, paying debts and taxes and distributing property to beneficiaries according to your instructions.

Who Gets My Estate If I Don’t Have A Plan?

Tennessee intestacy laws determine asset distribution when you die without a valid will or estate plan, which may fail to reflect your actual wishes. Under state law, your spouse receives different portions depending on whether you have children or other surviving relatives.

If you have a spouse and children, your spouse receives one-third, while the children share two-thirds equally. These distributions can create hardship for surviving spouses while providing inheritance to estranged family members you might prefer to exclude.

How Do I Prepare For A Meeting With An Estate Planning Attorney?

Preparing for your estate planning consultation helps maximize your time and create more effective documents:

• Gather financial documents including bank statements, investment accounts, real estate deeds and insurance policies
• Create a list of your assets and debts with approximate values
• Consider potential beneficiaries and guardians for minor children
• Identify individuals you trust to serve as an executor or power of attorney

These preparations help your attorney draft documents that reflect your wishes.

You Are Never Too Young To Set Up An Estate Plan

If you have assets and a family, you need an estate plan. When you die without a will, your assets will simply be distributed according to state laws, which hardly ever suit the needs of you and your family.

An estate plan is more than just a will. Make sure your estate plan has four essential elements.

Estate plans are about more than distributing assets, as well. These plans lay out your end-of-life wishes, and give decision-making responsibilities to those you trust in case you are unable to make those decisions yourself. They ensure that when something bad happens to you, everyone in your family remains secure.

Estate planning provides crucial protection beyond asset distribution, including guardianship designations for minor children that prevent court-appointed strangers from raising your family.

Tax minimization strategies preserve more wealth for your beneficiaries by reducing estate taxes and maximizing transferred value. Business succession planning protects family enterprises and provides continuity for employees and customers who depend on your company.

Incapacity planning through powers of attorney and medical directives protects you during your lifetime if you become unable to make decisions independently, preventing family conflicts and court intervention during medical emergencies. These documents allow trusted individuals to make financial and medical decisions when you cannot, avoiding expensive guardianship proceedings.

Estate plans also provide privacy protection by keeping your affairs out of public probate records, while charitable giving strategies can reduce tax burdens and support causes important to you.

I Care About Your Family’s Future

My law firm started out as a family law practice due to our commitment and passion for helping families in Knoxville and across Tennessee. I began practicing in estate law for this reason — to give you and your family peace of mind in the years to come.

Call my office today at 865-643-8626 to begin discussing your needs with me, or reach out online to get started.