At Will Gurus, we help you consider your final wishes, plan, and create the legal framework that protects your vision and your assets for the next generation.
Estate planning all starts with a conversation. Our experienced attorneys can help you consider how your final wishes are carried out and what happens if you are ever incapacitated. Coming up with a plan helps you envision how you’d like you and your loved ones to be cared for, now and tomorrow.
There are many different aspects of the estate planning process that our attorneys are intimately familiar with. We’ll discuss your unique situation and help create a custom roadmap to ensure your wishes are always upheld. Contact us to get started today.
Your age will decide what kind of estate plan is necessary. For example, once you turn 18, a financial power of attorney and/or healthcare power of attorney would be helpful if something happens that leads to you being incapacitated or hospitalized.
When you get older and/or acquire assets, you should have a plan to protect your assets. Further, once you have children, you must plan for their future, from potential guardians to how their inheritance is handled.
Lastly, the most significant time in your life to create your estate plan is when you reach the age of 65 or older. By creating a comprehensive estate plan at this point, you ensure that there is guidance for your family and that your legacy is taken care of.
Every estate plan is unique and needs to be individualized for you specifically.
Therefore, we will start our first meeting by getting to know you and asking you questions.
Here are some questions we might be asking you:
Once we have those answers, we can make a comprehensive and personalized plan for you.
There are several documents to include in your estate plan for you and your family to be prepared for the future. There are different reasons for each of these documents, so speaking with an attorney to discuss them is vital to decide what you need. Here is a list of documents for your estate plan:
You should also update your beneficiary designations and create a Letter of Instruction or Intent to explain and express your intentions after you pass away.
Fortunately, the cost of Estate Planning far outweighs the costs that may be incurred by you and your family if there is no plan in place. Some expenses that may arise:
When deciding who to choose, it is crucial to consider your family relationships and if the person you chose has the right qualifications.
A few things to consider are if the individual has the proper skill set and business sense for this role, but there are other things to consider. It is important to consider how they will get along with the remaining members of your family and if they can handle matters peacefully and smoothly. You want to trust fully that your affairs will be taken care of in the manner you request.
Overall, it is wise to choose someone that has organizational skills, is upfront and honest, and is respectful to everyone included.
Creating an estate plan with your family involved can be very straightforward. In fact, it can be the intelligent way to go if you have any concerns with specific personalities in your family. Involving them can lessen potential stress and discord if you are incapacitated or pass away.
The first step is to speak with us and determine what documents should be in your estate plan, and then once they are drafted, reviewed, and signed, hold a family meeting. It is recommended that this include any individual in the documents. However, you can also include the rest of your family if you feel it is best.
At the meeting, you should explain your desires and goals for the future. Then, you can share your reasoning for making certain decisions, such as the individuals in your documents, and have everything laid out for them to see and understand.
The best result is you feel more confident after the meeting, knowing that you have done your best to have your loved ones included. This will hopefully encourage minimal conflict and harm later on.
Any time is a good time to talk to an estate planning attorney. It is best to speak with an attorney during the second quarter of life to plan ahead. However, talking with one becomes imperative once you begin the third quarter of life. There could be dangerous situations by waiting till late into the third quarter of life.
The most essential requirement is to speak with an attorney when you are in good health. Completing your estate planning needs should occur when you are alive and competent. It allows you to participate in significant decisions and address any concerns ahead of time so that everyone is prepared for anything that may happen to you.
Asking questions during a consultation is practical and illuminative. We want you to have confidence in everything you need to know moving forward.
Here are some potential questions you can ask to help you decide who you want to work with:
By finding the right estate planning attorney for you, you will have an excellent resource for you and your family.
Probate is the process of court administration and distribution of your assets and property, either according to the state’s laws or a will if it has been created. The probate process may be fine if you have a reasonably simple estate. However, it is still best for you to have a will in place for the court to follow.
Having a will ensures that your assets are distributed to your specifications. Without a will, the court will be required to follow the distribution plans following state law, which may not be how you would want it.
There are ways to avoid probate. It may be the right course for you if you have a more significant estate, want privacy, and want to avoid the time and costs that occur with the probate process.
We can discuss the best plan for you and how and if you should avoid probate.
However, here is a brief outline of some essential documents you will need in your estate plan.
The Financial Power of Attorney authorizes a person, usually known as an “Attorney in Fact,” to act on your behalf when dealing with financial matters. This may include transactions regarding property, contracts, and benefits. Your “Attorney in Fact” can help pay bills, collect rent, handle stocks, buy/sell real estate, negotiate contract terms, and even run a business.
The Healthcare Power of Attorney allows you to appoint a person who will make decisions about your health care when you can. This can include using feeding tubes or machines to help in your care.
A Living Will is related to specific types of care that can be withheld or withdrawn in certain circumstances. This generally comes into play during terminal conditions or if there is a permanent coma. A HIPAA release can be drafted so someone you choose can access your health information if needed.
Estate planning can be intimidating.
Not only are you forced to think about what happens when you die, but you also have to make potentially family altering decisions.
That’s where having a solid estate plan in place today can create peace of mind for whatever tomorrow brings.
Contact Will Gurus today to learn about your estate planning options.
Most law firms handle estate planning with a one-and-done approach. But the fact is, life keeps changing after you finish your estate plan. You might have more kids, find a new spouse, or even buy that dream car you’ve been wishing for.
At Will Gurus, we make it our focus to build on-going relationships with our clients and be there not just in the now, but in the future. Contact us at (865) 666-6175 to schedule a free no-obligation consultation today.
Many people know they need an estate plan but are unsure where to start or what elements to include. Our process always begins with a one-on-one conversation with an experienced estate planning attorney in Knoxville.
The initial conversation is performed at no cost to help see where we can provide the most significant benefit given our clients’ unique needs. Understanding your vision for tomorrow, we’ll recommend which tools would best provide the framework to make that happen.
You get to remove this burden from you and your family. We ensure all of the necessary legal mechanisms are in place so that you don’t have to worry about the what-ifs tomorrow may bring.
If your situation changes, we are always here to help tailor your estate plan to best suit your needs.
Contact us at (865) 666-6175 to schedule a free no-obligation consultation today.
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