If you are looking for a trusted Memphis estate planning lawyer, consider contacting the law firm of Patterson Bray. Our lawyers understand that estate planning is a topic that some people feel uncomfortable about discussing. However, it is crucial for people to legally specify their wishes in order to ensure that those wishes are carried out when they are no longer here.
What Can a Memphis Estate Planning Lawyer Do for Your Family?
Our lawyers may look at your unique situation to find out which estate planning tools will benefit your family. Factors such as your age, marital status, and whether you have minor or adult children are just some of the issues that play a part in estate planning. Some of the options your Memphis estate planning lawyer may discuss with you include:
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 choose a power of attorney. This may be important in the event you become too ill or incapacitated to handle your own financial affairs.
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 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.
Estate Planning FAQ
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 not plan your estate today?
Many of us put off on estate planning because we have this nagging feeling that if we plan for what we want to happen to our belongings and assets when we are gone, we are inviting this to happen sooner. This is far from the truth.
The sooner you plan your estate the sooner you can relax knowing this is off of your shoulders. Many people experience a great sense of relief and calm when they know that the people and organizations they care about the most are going to get their belongings, whenever the time comes.
Finding a trustworthy Memphis, TN estate planning lawyer is a good first step towards gaining peace of mind in knowing that your estate is being taken care of in the way you want it to be.
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 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 for you to specify how and when assets pass on to your beneficiaries.
Why do people have trusts?
People have trusts for many different reasons but traditionally, people set them up to minimize estate taxes as well to give access to their beneficiaries more quickly than they might get assets that are transferred through a will.
You do not need to have a lot of money, assets, or property to benefit from a good estate planning lawyer’s help. Call a Memphis, TN estate planning lawyer today to take this off of your plate- it is time to start relaxing and enjoying your future, today.
Contact a Memphis Estate Planning Lawyer for Assistance
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.