Achieving Estate Planning Goals With A Will And Trust

Estate planning gives you a sense of control and peace of mind about important personal, health and financial matters that may otherwise be left up to the courts. From naming a guardian to care for a minor child to transferring ownership of a family home, a will and trust are two of the most common and effective estate planning tools.

Should You Have A Will Or Trust?

  • Do you own a home?
  • Do you want to designate what happens to it after you're gone?
  • Do you have any children?
  • Do you have a trust that you funded several years ago?
  • Do you want your loved ones to be able to efficiently administer your estate if probate is required

If you answered "yes" to any of these questions, you should have a will or a trust.

  • Dictate distribution of personal belongings
  • Dictate distribution of some assets
  • Name a guardian for minor children
  • Designate an executor to settle an estate
  • Communicate wishes with regard to medical interventions and end-of-life decisions
  • Designate a health care power of attorney to carry out medical directives
  • Establish ownership of your home after your death
  • Ease of transfer ownership of real property
  • Manage how assets are distributed to beneficiaries
  • Privacy and avoiding probate administration
  • Protect assets from creditors, irresponsible beneficiaries and in-laws
  • Leave assets to a specific charity
  • Provide for a child with special needs and preserve his or her right to government benefits

Why Should I Have A Lawyer Prepare A Will Or Trust For Me?

Today, with "online everything" it is tempting to download fill in the blank will and trust forms in order to save money on legal costs. The problem with this approach is a fill in the blank form cannot give you advice and counsel on how to dispose of your assets and, ways you can avoid probate altogether. Tragically, many people have used self-help forms not knowing they have not executed them properly, they are unclear or the choices made have unintended consequences. This often results in beneficiaries paying much more in legal fees and your wishes not being honored.

At the law firm of Phillip R. Walker, PLLC, we can help you create an estate plan that meets your current and long-term goals. A will and living will serve as the cornerstone of every comprehensive estate plan and, for some people, may fulfill their current estate planning needs. By creating a will and living will, an individual can:

While few people want to contemplate their own mortality or think about when they may die, failing to adequately plan for an unexpected health crisis or when you are no longer able to care for yourself can cause loved ones even more stress, heartache and frustration.

The Benefits Of Establishing A Trust

Some may benefit by creating one or more types of trust. Tennessee has some of the most generous trust laws in the country. A trust can be used to accomplish specific estate planning goals:

Preserve Your Legacy

Depending on your financial and personal circumstances, we can help you create a will or trust that meets your needs and accomplishes your goals. For more than 30 years, Phillip R. Walker, PLLC, has provided residents in Bartlett and throughout the Greater Memphis metropolitan area with the sound legal advice they need to plan for their future and provide for their loved ones.

Call our firm today at 901-410-1121 or contact us online to schedule an appointment to discuss your estate planning needs with an experienced estate planning lawyer in Tennessee.