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Creating Your Tennessee Estate Plan in 8 Steps

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Stan Bennett Estate Planning

Taking the time to design an estate plan is one of the most valuable things you can do to safeguard your future, protect your assets, and provide security for those you love. Many people postpone this task because it feels daunting, but with the right guidance, the process becomes manageable and rewarding. If you are ready to begin but are uncertain about the next steps, an estate planning attorney at Bennett | Michael | Hornsby explains how to get started creatingMurfreesboro divorce attorney your Tennessee estate plan in eight steps.

  • Work with a Tennessee Estate Planning Attorney: Although do-it-yourself forms and online kits may appear convenient and inexpensive, estate planning requires more than one-size-fits-all solutions. You have unique goals and circumstances that must be considered when creating a comprehensive estate plan. Moreover, because many estate planning issues are governed by state law, you must take Tennessee law into account when creating an estate plan. An experienced attorney can customize your plan, ensure compliance with state statutes, and help prevent mistakes that could undermine your intentions.
  • Define Your Goals and Priorities: Estate planning is not limited to deciding who inherits your property. A well-structured and comprehensive plan can address important issues such as health care preferences, guardianship for minor children, care for family members with disabilities, succession for a small business, and even charitable giving. Identifying your main objectives allows your attorney to build a plan that reflects your personal and financial priorities.
  • Compile a Complete Inventory of Assets and Debts: Understanding your financial position is an essential part of the estate planning process. Make a list of all real estate, retirement accounts, investment portfolios, business interests, and valuable personal property as well as one comprised of outstanding obligations such as home loans, vehicle notes, or credit card balances. Having a full picture of what you own and what you owe helps your attorney recommend strategies for protecting wealth and reducing tax liability.
    1. Account for Digital and Nontraditional Property: Modern estate planning involves accounting for more than tangible property and bank accounts. Like many people, you may own digital assets such as social media accounts, online financial tools, cryptocurrency, or intellectual property. If so, you should decide who will manage or transfer these assets after your death or incapacity. Tennessee law allows you to grant such authority in your Power of Attorney, Will, or trust documents, so be sure to address these assets within your overall estate plan.
  • Decide Who Should Inherit from Your Estate: Selecting beneficiaries is one of the most personal aspects of estate planning. Begin with immediate family members but consider whether you want to provide for other relatives, friends, or charitable causes as well. Think carefully about how and when distributions should be made, for example, whether distributions should be made outright, in stages, or through a trust. Always identify alternate beneficiaries in case a primary recipient is unable to inherit.
  • Choose Reliable Decision-Makers: In addition to choosing beneficiaries, you must appoint people throughout your estate plan that you trust to carry out your wishes. These roles may include the Executor of your Will, the Trustee of a trust, an Agent under a Power of Attorney, or an Agent under an advance directive. These responsibilities demand reliability, honesty, and sometimes specialized skills. If no one in your circle is suited to the task, a professional fiduciary may be an appropriate option.
  • Finalize and Execute the Documents: Once the key decisions are made, your attorney will draft the appropriate legal instruments, which may include documents such as a Will, one or more trusts, a financial Power of Attorney, and an Advance Directive for health care. To be valid in Tennessee, each document must be executed according to state law, including proper witnessing and notarization where required. Following these formalities reduces the likelihood of successful challenges during a period of your incapacity or during the probate of your estate.
  • Maintain, Update, and Communicate Your Plan: An estate plan should not be viewed as a document you create once and then forget. Life changes, such as marriage, divorce, the birth of a child, relocation, or significant financial shifts, can alter your needs and wishes. In addition, changes in Tennessee or federal law may affect how your estate is handled. Reviewing your plan every few years, or whenever a major event occurs, ensures it continues to reflect your wishes. Make sure to store your documents in a safe place and inform your chosen fiduciaries where they can be found to reduce confusion in the future.

Contact a Murfreesboro Estate Planning Attorney 

If you are ready to get started on your Tennessee estate plan, contact an experienced Murfreesboro estate planning attorney at Bennett | Michael | Hornsby as soon as possible. Contact the team today by calling 615-898-1560 to schedule your appointment.

 

Stan Bennett
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