Estate planning is a very broad term in Gatlinburg, Tennessee, referring to a person's decisions on issues that affect them and their family toward the end of their life. These might contain instructions for end-of-life care, as well as drafting a will or other document with the intent of disposing of one's property after their death.
One of the first things an estate planner will ask you about when you come to them for assistance is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. Nonetheless, it is rarely the only part of a solid estate plan.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
Perhaps most notably, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Gatlinburg, Tennessee?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
There is one group of unmarried people for whom estate planning in Gatlinburg, Tennessee is absolutely crucial: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take several steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Other groups for whom estate planning is very important in Gatlinburg, Tennessee are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most important. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Gatlinburg, Tennessee Estate Planning Attorney?
In Gatlinburg, Tennessee, estate planning is rarely simple, even if it's not the most perplexing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.
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