An Estate Plan ensures that your family is protected and your financial goals are met both during your lifetime and after your death. Regardless of your net worth, it is important to have an Estate Plan in place. Thoughtful and thorough planning is crucial to guarantee that your Estate Plan works for you.
Because circumstances are always changing, it is necessary to review your Estate Plan with your attorney every few years. There have been many changes in the law and in your life over the last two decades. Have you moved to Tennessee from another state? Have you lost a spouse, retired, or remarried? Do you now have grandchildren or great-grandchildren you did not include in your planning? If you had a Last Will and Testament and Power of Attorney drawn up twenty years ago, they are due to be dusted off and updated. Elder Law of East Tennessee can help you take stock of your assets and create the personal long term plan that is right for you.
The basic elements of an Estate Plan with Elder Law of East Tennessee will include:
The Last Will and Testament will instruct your Personal Representative to satisfy your debts and last expenses and then distribute your property after you pass away. The Durable General Financial Power of Attorney will empower your Attorney in Fact to handle money management and bill paying for you while you are living if you cannot do that yourself. The Durable Health Care Power of Attorney will instruct your Agent how you want to be treated during your life if you become incapacitated and unable to make health or personal decisions on your own. The Living Will or Advance Care Plan tells your medical provider, Agent, and loved ones or trusted friends what treatment you choose or refuse, including when to stop medical treatment and allow for a natural and pain-free death.
Some clients choose to use a Revocable Living Trust as part of their Estate Planning. The Revocable Living Trust can be a very useful estate-planning tool to manage property during life under the control of a Trustee or Co-Trustees. Effective use of a Revocable Living Trust can avoid the cost and delay associated with probate.
Give Elder Law of East Tennessee a call today to schedule talk about your Estate Plan to be sure you have a plan that works for you. A consultation is easy to schedule by calling 865-951-2410.