Estate Planning To Protect Your Assets
No matter what your stage in life, a well-executed estate plan can provide support for your family and ensure your final wishes regarding end-of-life health care and support are heard.
I am William E. Maddox Jr., Attorney at Law. Based in Knoxville, I help clients throughout Tennessee create simple estate plans/wills that protect family legacies and provide support for their loved ones after they are gone.
Choosing Your Proxies Wisely
If you have minor children it is essential to develop an estate plan that names a guardian to care for your children in the event of your incapacitation or death. In addition to establishing a guardian, many plans create a trust and name a trustee to manage money for children until they are mature enough to make smart financial decisions.
Appointing a power of attorney to make financial decisions on your behalf can eliminate the need for family members to obtain a conservatorship should you become unable to manage your finances.
A living will is an important tool that gives you power over your future medical care. This document provides an outlet for you to communicate your wishes regarding end-of-life health care, and whether you would like artificial measures used to sustain your life. You also can name a health care agent to make medical decisions on your behalf in the event you are unable to do so.
Simple Estate Plans: Helping Clients Plan For The Future
Oftentimes, a simple estate plan is all that is needed to protect your family legacy and ensure family heirlooms are safely transferred to the next generation.
If you pass away without a will, Tennessee’s intestacy laws dictate who receives your property. Oftentimes, this results in your property being transferred to a family member you would not choose to leave your property to, while excluding other members of your family. By creating a simple will and trust, you can ensure family legacies remain intact and family heirlooms are passed to the appropriate family member. Clearly identifying which family member receives certain properties helps reduce the possibility of family disputes.
Creating a will also reduces the length of probate proceedings, saving grieving family members time and money associated with long and complicated probate administration.