A will is a legal document which dictates how an individual wants his or her affairs to be settled, and how his or her estate is to be distributed upon death. A living trust, is when an individual's valuables, property and other financial assets are held by a trustee who is tasked with using, protecting and distributing them for the benefit of another or others.
By having a will in place, or one of several types of trusts, whether a living trust or other type of trust, you will be able to legally direct how your estate will be distributed after your death. Without a will in place, and the assets protected in the right type of trust, your estate distribution will be decided by the state through the
probate process. Your loved ones, or other beneficiaries, may lose certain assets and/or property you had intended them to have. Having a will or living trust often speeds the administration process, and allows the estate to be distributed more quickly to your chosen heirs. This can allow your beneficiaries receive the assets and items you intended pass on to them and can help to avoid excessive taxation.
Tennessee intestacy laws require that any individual who dies without a last will and testament in force, will have his or her estate divided up during probate, according to his or her relationship with all descendants. I strongly advise you obtain legal counsel from an experienced Nashville probate lawyer who can help you prepare a legally-binding will and the correct type of trust or trusts as soon as possible.
When you contact my firm, I will work with you closely to ensure all your needs and objectives are met. With my knowledge of probate law, and my experience in estate planning and probate, I will be able to help you prepare a will and create a trust that will be legally binding and is more likely to be upheld should there later be any legal challenge later. Contact David Whittaker right away to schedule an appointment to discuss your estate plan. This is an important matter for all individuals, young and old, that want to protect their loved ones should an unexpected death occur.