What You Need to Know About Wills & Trusts

Wills & Trusts Are Important Elements An Estate Plan

Estate planning is one of the most important things you can do for yourself and your loved ones. It can be complex, so it’s important to consult with an estate planning attorney to make sure you are doing everything correctly. In this blog post, we will discuss some of the basics about wills and trusts. We will also provide information on how to choose the right estate planning lawyer for you.

What is a will?

A will is a legal document that states how your estate should be distributed and managed after you pass away. Through a will, you designate an executor who is responsible for carrying out the wishes outlined in your estate plan. You can also use wills to designate guardianship of minor children, provide for relatives or dependents, and transfer assets to charity. It is important to note that wills do not take effect until after death and are subject to probate proceedings.

Your will is the cornerstone of any estate plan and should be reviewed periodically. Wills can be changed or revoked at any time as long as you have the capacity to make such changes. Working with a qualified estate planning attorney can help ensure that your wishes are carried out in accordance with state laws.

What is a trust?

Trusts are another estate planning tool used for transferring assets without going through probate court. A trust can be set up during your lifetime or upon death, and it allows you to specify how the assets contained within will be managed and distributed. Trusts also offer more estate tax benefits than wills, since the assets are transferred directly to beneficiaries instead of going through probate court.

A trust can be set up during your lifetime or upon death, and it allows you to specify how the assets contained within will be managed and distributed. Trusts also offer more estate tax benefits than wills, since the assets are transferred directly to beneficiaries instead of going through probate court.

Trusts can also provide more control over how assets are managed, as you can designate a trust protector to oversee trust administration and make sure your wishes are carried out. Trusts also help protect your estate from creditors and lawsuits, since trust assets are not accessible by creditors or liable parties.

Finally, trusts can be used for many types of planning, such as trust funds for children and special needs trust to provide for a disabled family member. Trusts can also be used to pass on property or assets in an efficient manner with minimal tax consequences.

Choosing the right Estate Planning Attorney

When it comes to estate planning, it is important to choose an estate planning attorney who understands your goals and objectives. Ask for references from family, friends, or colleagues who have worked with estate planning attorneys in the past. Make sure to also ask for an estimate of fees and charges associated with estate planning services, as well as any estate tax exemptions or credits you may qualify for. Finally, ensure that your estate plan is properly executed according to state law.

Overall, estate planning is a crucial step in ensuring that your assets are distributed according to your wishes. By understanding wills and trusts, as well as how to choose the right estate planning lawyer for you, you can make an informed decision about estate planning that is best for your situation.

Your estate planning attorney can ensure that your estate plan is properly tailored to your objectives. Also, estate planning can help alleviate the burden of estate taxes and probate proceedings for your family and loved ones. With the proper estate plan in place, you can rest assured knowing that your legacy will be taken care of.

Understanding wills and trusts, and choosing the right estate planning lawyer for you, you can make an informed decision about estate planning that is best for your situation. Take the time to speak with an estate planning attorney today to ensure that your estate plan is properly tailored to your objectives and goals. This will help protect your assets and provide peace of mind for you and your loved ones.

Contact An Estate Planning Attorney Today

By working with a qualified estate planning attorney, you can ensure that your wishes are carried out in accordance with state laws. You will also be able to take advantage of the numerous benefits that trusts offer, such as avoiding probate proceedings and minimizing estate taxes. Contact 4Sight Legal Services today to learn how we can help with your estate plan.

Chattanooga Estate Planning Attorney Ed Nanney Bio Image

Do you need help your your Trust, will or estate plan?

Chattanooga Estate Planning Attorney, J. Edward Nanney, has practiced business law for over 35 years and previously worked as in-house counsel for Fortune 500 companies. His understanding of Tennessee’s business laws and his experience resolving complex business matters has earned us a stellar reputation in Chattanooga’s business community.

Contact 4Sight Legal Services today to get the estate planning advice and legal services you need to protect your estate. Call (423) 305-1704 or visit us online to schedule an appointment.