Knoxville Wills Lawyer Helps Clients Pass Property to Their Loved Ones
Tennessee attorney creates sound estate plans to protect and transfer assets
No matter your age or long-term goals, a well-executed estate plan can provide support for your family and ensure your final wishes regarding end-of-life medical care are honored. At William E. Maddox, Attorney at Law in Knoxville, I help clients throughout Tennessee create simple wills and other estate planning documents that protect family legacies and set forth clear directions regarding the transfer of property upon their death.
Guardianship for minor children
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 designating a guardian, many parents create a trust to provide financial support for their children until they reach a certain age. The guardian could also serve as contingent trustee.
Power of attorney documents
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 life-sustaining care if your condition is terminal. This document provides an outlet for you to communicate your wishes regarding end-of-life health care, and whether you would like extraordinary measures used to prolong your life. You also can name a health care agent to make medical decisions on your behalf in other situation where you are unable to express your preferences due to an injury or illness.
Firm creates simple estate plans to help clients prepare 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. The best tool for this is a last will and testament. The advantages of being testate —leaving a will —are numerous:
- Avoid intestacy — If you pass away without a will, Tennessee’s intestacy laws dictate who receives your property. This could result in your property being transferred to a family member you would not choose to leave it to, while excluding those to whom you are closer. By creating a simple will and/or trust, you can ensure family legacies remain intact and heirlooms to appropriate recipients. Clearly identifying which person receives certain properties helps reduce the possibility of family disputes.
- Establish a business succession plan — A will can also create a framework for sound business succession and serve as a backup in case other assets are not included in other estate planning instruments.
- Choose your estate’s executor — You can identify an executor to carry out the instructions you leave in the will, rather than leaving those decisions to a court-appointed administrator.
- Ease the burden on your loved ones — Creating a will should also reduce the length of probate proceedings, saving grieving family members time and money associated with long and complicated probate administration.
I review my clients’ estate planning needs in detail and draft the valid and effective wills and related documents they need to achieve their legally attainable aims.
Contact an experienced Tennessee attorney for a free consultation about your will
William E. Maddox, Jr. LLC, Attorney at Law in Knoxville works with Tennessee residents to draft wills and other estate planning documents. Please call me at 865-672-8496 or toll free at 865-672-8496 to schedule a free consultation. You can also reach me online.