Estate planning is about taking care of loved ones after you have passed away or become incapacitated. It involves planning to distribute assets and liabilities in a way that decreases the likelihood of paying excessive taxes and still accomplishes giving and long-term legacy goals. State laws and tax regulations can be complicated, and having an estate planning lawyer help develop an estate plan that navigates these rules and still meets your needs can be very beneficial. Shepherd and Long, PC can help individuals and families develop estate plans that accomplish their goals. Learn more or schedule an appointment by calling 865-383-3118.
What Is An Estate Planning Lawyer?
An estate planning attorney is a licensed professional with the experience and knowledge to assist with end-of-life planning. They can perform a wide variety of functions related to estates, including:
- Educating individuals and families regarding estate planning laws and processes.
- Providing guidance related to taxes.
- Making suggestions for specific estate planning tools to use to accomplish distribution goals.
- Working with individuals to craft estate planning goals and making suggestions on how specific assets should be transferred or managed.
An estate planning lawyer acts as a helpful guide through the legalese and complexities that affect after-death transfers. They can also help prepare for situations where someone may need long-term care or need someone else step in to make health care decisions or financial decisions on their behalf.
The Advantages of Hiring an Estate Planning Attorney
An estate planning lawyer will work closely with an individual (and often their family) to create an estate plan that makes sense for them. This type of service usually involves an in-depth conversation about assets, liabilities, overall financial situations, and legacy planning goals. Then, the estate planning lawyer will often coordinate their efforts with other professionals, such as accountants, tax preparers and financial advisors. The result is a series of legal documents that provide direction to loved ones if you were to become incapacitated or pass away. These services offer a wide variety of benefits for both individuals and their families.
1. Peace of Mind
Many people are concerned about how their loved ones will be cared for after they are gone. This concern is prevalent even if someone has adult children, but it is especially concerning for those with minor children, family members with special needs, or anyone else who relies on their financial support.
Having a legally valid estate plan created by a knowledgeable Tennessee estate planning attorney provides peace of mind. You know that family or other loved ones will be well cared for long after you pass when you have a plan in place to carry out your wishes. Shepherd and Long, PC may be able to help you accomplish those goals.
2. Drafting of Important Documents
Estate planning documents, such as trusts and wills, must be drafted in a very specific way to comply with Tennessee law. Having an estate planning lawyer help with this process makes it far more likely that the documents will comply with legal requirements and be upheld when they are needed. Examples of documents that an estate planning attorney might draft include:
- Will (sometimes referred to as a Last Will and Testament)
- Trust documents
- Power of attorney
- Medical power of attorney
- Advanced directives
They might also be able to review other documents to determine how those documents will impact or interact with estate planning documents. For instance, life insurance documents are often a crucial part of an estate plan. An estate planning lawyer will be able to review the terms of the life insurance policy and help you understand how those assets will transfer to others after you pass and how that might affect other aspects of an estate plan.
3. Creation of a Customized Estate Plan
Everyone’s life situation is different, which means their estate plan should be different, too. There are many online resources to create a will, for example, but they are just templates that do not address the unique aspects of someone’s life. By working with an estate planning attorney, you can create an estate plan that accomplishes specific goals. The attorney will also evaluate your situation and make recommendations for estate planning tools that you may have never considered.
Fill-in-the-blank forms may work for some people, but they generally will not address exceptional circumstances, such as business succession planning, protecting assets, spendthrift trusts, or transferring unique assets or liabilities. Many online templates are also not created with a specific state in mind. As a result, they might be legally valid in some states but fail to meet all of Tennessee’s legal requirements. Unfortunately, an invalid estate planning document is very similar to not having a document at all—and assets may be distributed based on Tennessee’s intestate laws instead of according to your wishes.
4. Informed Decisions Backed by Legal Experience
Part of the estate planning process is making informed decisions after reviewing all the options. Individuals cannot weigh their options if they do not understand what they are or what they mean. Part of an estate planning lawyer’s role is to develop options to accomplish estate planning goals. They will craft options and present them in a way that makes sense to you so you can review them and make the best decisions for your unique circumstances. They can also review all assets and liabilities to ensure they are appropriately addressed within the plan.
5. Suggesting Methods to Save Time and Money
An estate planning attorney can make suggestions to help decrease or eliminate tax burdens for an estate or its beneficiaries. They may also be able to develop methods to avoid probate after you pass, saving loved ones time and money in many circumstances.
Get Help With Your Estate Plan From Shepherd and Long, PC
Having an experienced estate planning lawyer work with you to craft your legacy can be invaluable. The team at Shepherd and Long, PC has years of experience working with individuals and families to develop their tailored estate plans. Learn more by calling 865-383-3118.