An estate planning lawyer in Memphis, TN is a legal professional who helps individuals and families create wills and trusts. They can also help you designate guardians for your children in the event something happens to you. Estate planning lawyers can also advise you on tax implications of your estate plan. If you are interested in creating an estate plan, it is important to consult with Patterson Bray PLLC to ensure that your plan is tailored to meet your specific needs.
Why do I need an estate plan?
You need an estate plan because you want to make sure that your assets are passed on to the people you love after your death in the most efficient way possible. You also want to choose your own personal representative, who is often called an executor. Without an estate plan, you might not be able to choose who will represent you and distribute your assets upon your death.
What does an estate planning lawyer do?
The estate planning lawyer in Memphis, TN plays a key role in this process. An experienced estate planning lawyer can help you navigate complex tax laws and ensure that your wishes are carried out according to your specifications.
What should I bring to my first meeting with an estate planning lawyer?
When meeting with an estate planning lawyer for the first time, you should bring any documentation related to your current financial situation and assets. This includes bank statements, investment statements, and real estate deeds. You should also bring a list of your loved ones and their contact information. If you have any specific questions or concerns, be sure to bring those up as well.
What are some of the most common mistakes people make when creating an estate plan?
One of the most common mistakes people make when creating an estate plan is not taking into account potential tax implications. Another mistake is failing to name a trustee or executor who will be responsible for carrying out your wishes after your death. It is also important to keep your estate plan updated as your life changes, such as if you acquire new assets or children. Estate planning lawyers in Memphis, TN from Patterson Bray PLLC can help you review your plan and make any necessary updates.
If I don’t have an estate plan, what happens to my property after I die?
If you do not have an estate plan in place, your property will be distributed according to state law. This may not be what you want, and it can often lead to lengthy and costly court proceedings. Estate planning is a vital step in ensuring that your wishes are carried out after your death. Contact an estate planning lawyer in Memphis, TN from Patterson Bray PLLC to get started on creating your estate plan today.
The estate planning process can be a difficult one, especially if you’re unfamiliar with the legal jargon and complex processes often associated with it.
An Estate planning lawyer Memphis, TN from Patterson Bray PLLC can help you with everything from your will and living trust to your living will and health care power of attorney. Understanding more about what an estate planning lawyer does, how much one costs, and how to find an experienced estate planning attorney in Memphis can help you find and choose the best professional for your needs.