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Estate Planning Lawyer Memphis, TN

Our Memphis, TN estate planning lawyer understands that estate planning can be a sensitive topic since you are planning for what happens after you pass on. For many people, it is a complex topic, and it is often delayed until later on in life. There is a common misconception that estate planning is reserved only for the wealthy. What many people don’t know is that estate planning is a relevant topic for anyone with cash or assets. The purpose of an estate plan is to have your wishes respected and executed so that your loved ones and assets can be taken care of. A living trust is just one way you can preserve your values and assets after your passing. Whether your estate is big or small, you must write a living trust if you want your legacy protected and passed onto future generations of those you love the most. Rest assured that we have the compassion and experience needed to support you as you create an official living trust. Contact our team at Patterson Bray PLLC today.

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How Our Estate Planning Lawyer Can Help You

The estate planning process can be tricky. There are a number of approaches to it, but what you decide to include in your estate plan is up to your particular values, interests, and whether or not there are loved ones that you intend to pass your assets along to. Whether you are just starting your first draft or need to update an old and outdated one, we can help ensure all your bases are covered. We can help you continually update your estate plan when necessary. Thinking about the future and how to best manage your estate after your passing is not always simple or clear. Making plans for after death is not really what you would call having a “good time” per se, however, the alternative would be risking your legacy by going through the hoops of probate court where the government has more of a say in handling your assets. 

If your estate does end up in probate court because you lacked an estate plan, this means more stress and frustration for your loved ones who will already be struggling after your passing. Not having an estate plan established can lead to family conflicts or other third parties attempting to seize a part of your wealth or one or more of your assets. Hiring an estate planning lawyer in Memphis, TN that clients can confide in can help you achieve a sense of relief knowing that the distribution of your wealth is prepared for.

The Basics of a Will

A will is a way to convey your final wishes regarding the disposition of personal property and individual assets. It is a legally binding document that will likely need to go through a court process called probate. This court process ensures that things get done per your wants and desires as outlined in the will.

Requirements of a Will

For a will to be legal, it must contain certain things. First, you must appoint an executor. This is someone who you should either know very well and trust, such as a spouse or sibling, and who you know will be able to handle the duties of the position. The executor must be the liaison with the court and gather all necessary documents that are required under the probate process. The will must also be executed properly, in the presence of two unrelated witnesses.

What a Will Cannot Do

There are limitations to what can be accomplished in a will. If you are looking to do anything besides leave personal, singly owned property or assets to someone, you need to do it some other way. A will also cannot:

  • Cannot pass on joint property
  • Cannot put conditions on inheritance
  • Cannot give money directly to someone without going through probate
  • Cannot leave money to a pet
  • Cannot disinherit a child

If you want to do anything listed above, you need to do so with other legal documents the estate planning attorney can help you create.

Other Ways to Pass Along Money

A will is not the only way you can leave something to heirs. Some accounts require you to name beneficiaries, such as life insurance policies, retirement accounts and trusts. These can be powerful tools in your estate planning arsenal.

Creating a will is the responsible thing to do so no one in your family has to go through a lengthier court process. Choose an estate planning lawyer who may provide you with the information required to make the best decision possible.

Please contact us today to speak with an Estate planning lawyer in Memphis, TN from Patterson Bray about planning for your future and legacy.

Leaving Funeral Instructions in a Will

As you and your Memphis, TN estate planning lawyer draw up a will, the topic of funeral preparations might arise. It is recommended you create a separate document that details your wishes for the funeral. This is because a will is typically not reviewed until after the funeral which means no one may even see your wishes until after it has already taken place. The document describing these wishes can be held by your estate planning lawyer or given to the executor of the estate.

What Should Not Be Included In A Will

Avoiding Probate Pitfalls

Common Components of an Estate Plan

  • Wills and Trusts

A will determines what happens to your assets after going through the probate process. A living trust can be set up in order to avoid that probate process and to reduce taxes that the estate would have to pay. Living trusts often offer more flexibility as far as determining which heirs will receive which assets.

Special needs trusts can also be set up for families who have disabled or special needs children who could lose financial aid if the asset were put directly in the child’s name.

  • Power of Attorneys

A Memphis estate planning lawyer can also assist you in drafting up legal documents that allow you to choose a power of attorney. This may be important in the event you become too ill or incapacitated to handle your own financial affairs.

  • Legal Guardianships

If you have minor children, it is important to designate someone as the legal guardian of your children. This person would oversee financial issues pertaining to your children’s wellbeing and may also handle any assets your children inherit from your estate. There are also other types of legal guardianship that an estate planning attorney can assist with, including those for disabled or elderly adults.

  • Advance Directives and Durable Health Care Power of Attorneys

Advance directives — also referred to as living wills — and durable health care power of attorneys (different from financial power of attorneys) are often drawn up together. These documents specifically express what your wishes are in the event you are nearing the end of life — either through an accident or illness — and that your wishes, not the wishes of loved ones, should be carried out.

  • Estate Tax Planning

Taxes are often very complicated and estate tax planning is no less complicated. An estate planning lawyer can discuss all of the different options you may have to help alleviate the tax obligations your estate assets may create.

Memphis Estate Planning Infographic

What is the Difference Between a Will and a Living Trust?

Memphis Estate Planning Statistics

According to a survey conducted by Caring.com, more than 60 percent of Americans do not have wills drafted or any other estate planning tools in place. That comes out to two out of every three Americans.

Memphis Estate Planning FAQs

Few people welcome the idea of planning for a time when they are not going to be here. Looking for a Memphis, TN  estate planning lawyer is probably not someone most people want to spend their free time doing.

The reality is, is no one is immortal. Everyone is going to eventually die and really, the only questionable factor is, when? We all hope that this is going to be a long way off and because of this, many people put off planning for what they want to happen to their estate when they are gone.

Why should I hire an estate planning lawyer?

Long-term care planning is part of the estate planning process. You may have worked hard for many years and would like your savings to provide you and your family with a good life. Perhaps you would like to pay for your grandchildren’s education or a round-the-world trip. If you fail to plan out your long-term care, you might risk losing money for the things you would like to do or give.

As you work with an Estate Planning Lawyer in Memphis, you might find that long-term care planning is one of the most challenging parts of the process. Part of the challenge comes from the very fact that you don’t know what will happen to you. For example, if your health declines, you may need to be placed in a nursing facility. On the other hand, you may be perfectly healthy until the day you die. Although it is difficult to predict what care you might need, if you do ever need it, the costs can be extremely high. The average cost of a standard nursing home facility in the U.S. is $6,000 – $8,000. This does not usually include treatment, surgery, or medications.

Regardless of your current state of health, it is inadvisable to ignore your long-term care considerations and planning. By organizing your long term care with an Estate Planning Lawyer in Tennessee, you can have a better chance at enjoying your retirement while also leaving a legacy to your heirs.

What is a will?

A will often referred to as a “last will and testament,” is a document that lays out a person’s wishes for what they want to happen to their possessions after they die. It is read by a county court after a person dies and the court tries to ensure that their final wishes are carried out.

You can use a will to name an executor for your estate, name guardians for minor children and their property, lay out how you want debts and taxes to be paid, provide for pets, and to serve as a backup to a living trust.

Different states have different laws about wills and estates. Many people recommend enlisting the help of an experienced Memphis, TN estate planning lawyer that is licensed to practice in the jurisdiction where you live, to ensure that your will is valid and that your wishes are legally bound.

What should not be included in a will?

There are certain things that you should not include in your will. The following are only some. To learn about everything that can and cannot be included in a will, you can talk with a Memphis, TN estate planning lawyer.

  1. Joint tenancy property. This is a special property that automatically gives your joint tenant the right to the property, regardless of what your will dictates.
  2. Property listed in a living trust. If you don’t want your estate going through probate, you will need to set up a living trust with a lawyer. Any property that you list in a living trust cannot be included in a will. Furthermore, property in a living trust will automatically go to the beneficiaries. To change this, you’ll need to have your estate planning lawyer complete special forms. It cannot be done through a will.
  3. Life insurance proceeds. If you have life insurance with a beneficiary, it will be given to that individual regardless of what is stated in a will.
  4. Retirement plan proceeds. Any money from your retirement plans, such as a 401 (k), will go to the beneficiaries you listed within the respective forms to these plans.

What is a trust?

A trust is a fiduciary arrangement where a third-party trustee, holds property as its nominal owner for the good of one or more beneficiaries. There are many different ways that trusts can be arranged that allow you to specify how and when assets pass on to your beneficiaries.

A living trust, or trust, is a legal document that contains any assets that you place into it. The trust owns the property until you pass away, at which point your assets are transferred to your beneficiaries. If you are considering this option as part of your estate plan, the lawyers at Patterson Bray can help you finalize your trust.

What is the different between a will and a living trust?

A will can be used for a wider variety of purposes, such as naming guardians for your minor children and establishing an estate executor. The similarities between the two lie in the naming of beneficiaries for your property. This is the only function of a living trust, whereas a will can serve many purposes. If you would like more clarification on the difference between these two legal documents, or guidance on which one is right for you, reach out to an estate planning lawyer in Memphis, TN.

Does property in a living trust go through probate?

No, assets distributed through a trust are not subject to probate. This is one of the main advantages of trust. Forgoing probate court can save your loved ones time and stress, which is why many people choose this option.

Can I set terms in my trust?

Yes, you can. Your trust can include asset distribution dates if you would like that term in your document. For example, your assets can be distributed one year following your death or you can choose a date like February 1, 2050. You can also set requirements for beneficiaries to receive any money or property. If you want to ensure your grandchildren graduate college before they receive their inheritance, you can include that requirement. This ability to control the conditions is another common reason people choose to use a trust.

Can I make changes to my trust?

Yes, you can amend, edit, or terminate your trust. If you would like to change the beneficiaries or adjust the terms of the trust, you can do so by working with an estate planning lawyer in Memphis, TN, to amend your document. It is recommended that you review all of your estate planning documents periodically. 

What other documents should I include in my estate plan?

A living trust is an invaluable estate planning tool. But it is not the only estate planning tool you’ll need to have in place if you become incapacitated or pass away. Estate planning is a complex process that governs a variety of scenarios. It is essential to work with a skilled estate planning lawyer in Memphis, TN clients turn to for insight when constructing a comprehensive estate plan. Common documents included in an estate plan include a last will and testament, powers of attorney, and a living trust. However, there are a number of tools and documents you can include, so a lawyer can go over what will be recommended for your particular plan. They will guide you so that you have everything you want to include in your estate plan, and ensure that it will be executed properly. 

Once the team at Patterson Bray, learns about your unique life experience, property, and preferences, we can help you create (or modify) a comprehensive estate plan. With these tools in place, your loved ones won’t need to second guess what your wishes are. Instead, they’ll be guided by clearly articulated, legally enforceable document.

Patterson Bray PLLC, Memphis Estate Planning Lawyer

8001 Centerview Pkwy #103, Cordova, TN 38018

Contact Our Memphis Estate Planning Lawyer Today

If you need to draw up estate planning documents, or you wish to update existing plans, contact a professional estate planning lawyer in Memphis TN today. The attorneys at Patterson Bray may take the time needed to discuss all your options and help determine what plans will benefit you and your family the most.

Call and make an appointment with a Memphis estate planning lawyer at 901-372-5003, or fill out a contact form on our website.

Memphis Estate Planning Lawyer Google Review

“My husband and I were in the market for an Estate Planning Attorney and came across Patterson Bray. Our experience could not have been better, extremely knowledgeable with regards to estate planning. I would highly recommend Patterson Bray!” – Rachael L.

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“My husband and I were in the market for an Estate Planning Attorney and came across Patterson Bray. Our experience could not have been better. Lindsay Jones was extremely knowledgeable with regards to estate planning. I would highly recommend Patterson Bray!”
Rachael Lloyd
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