When people begin the process of creating an estate plan in Tennessee, one of the first things they do is make a list of all of the people they wish to be beneficiaries in their will. Often, the people who are chosen are important to them or have had considerable influence in their life. As such, they wish to make these people a part of their heritage and allot them some kind of gift after their death.
As a new parent, you want to do everything in your power to provide a good future for your child. If you have an estate plan, one thing you may look to do is set up a trust for your new baby. Often referred to as a trust fund, this type of planning is not reserved for just the wealthy, as explained by Nerdwallet. It is actually a great way to plan for your child's future.
Estate plans have to be altered and changed over the years to ensure they align with laws and your needs. Recently the estate tax laws were changed at the federal level. These changes may affect you if you are a high-income earner or have a large estate in Tennessee. Basically, this means it is time to review your estate plan and see what changes you need to make.
A concise estate plan has exponentially more power than a hidden letter or a well-thought out plan inside of someone's head. When people are considering whether or not to create a trust, write a will, coordinate long-term care or establish estate plans in Tennessee, the sooner they make the decision to follow through, they can reduce the stress and confusion that their family may otherwise be facing following their death.
There is nothing wrong with expecting your family to get along after your death. However, once you are gone, there is always the possibility of disputes and conflicts arising over your estate plans. According to PR Newswire, "conflict and family drama are the biggest threats to estate plans."
You see news stories about injury accidents in Tennessee all the time, and the number of ways you might end up incapacitated can be terrifying if you think about it too long. If you are suddenly in a situation where you cannot tell the medical personnel what type of care you want, who will decide? What if the decision is something you would never agree to if you were conscious?
If you are the parent of young children, you may have already begun thinking about who you would want to care for them if something tragic would ever happen to you. Planning ahead for these types of situations, even if a bit unsettling at times, is certain to provide confidence that if you were ever debilitated in some way, your children would be lovingly cared for by someone you trust and respect. At Fidelis Law, PLLC, we have helped many couples in Tennessee to create estate plans that are legally applicable and customized to meet their needs.
Updating your will is a critical part of the estate planning process. Step one is to have a Last Will & Testament. But once you have one, keeping it up to date is vital to ensuring that your assets and property go to the people, beneficiaries, loved ones, and organizations that you want them to got to.
Making the time to address your estate planning needs can be very difficult. There are typically many other things a person would rather do instead of creating a will or talking about powers of attorney. However, once you do take the time to address your estate planning needs, you can feel relieved and confident in the future.
Every parent knows that it can be a struggle to maintain fairness when it comes to giving gifts to their kids.