Last Will and Testament
According to a study published by Rocket Lawyer, 64% of Americans do not have a will. If you do not have a will, your assets will be divided according to state law. Having a will allows you to select your personal representative and divide your estate according to your preferences. A will also allows you to name a guardian and trustee for your minor children.
Should you write your own will or download a form from the Internet? Saving money often times does not save any money particularly when a will is poorly drafted or does not reflect Tennessee law. There is a huge difference in simply filling out a fill-in-the-blank template off of a website versus having a confidential consultation with an estate lawyer.
As an experienced estate attorney, Olivia Wann provides guidance on understanding the law and how your family can avoid estate planning mistakes that can result in family tension, broken relationships, devalued assets, and a lost legacy.
If you are married and have children from a previous marriage or relationship, and your will benefits your current spouse, please keep in mind that if you designate your spouse as the beneficiary, he or she is not obligated legally to preserve assets for your children. Learn the difference between a will and a trust and which estate planning tool better accomplishes your objectives.
General Durable Power of Attorney
A will is operative on death through the probate process. A general durable power of attorney allows you to designate an agent to act on your behalf during incapacity. Typically powers including banking, real estate and personal property transactions, business operating transactions, retirement plan transactions, access of a bank deposit box as well as other powers depending on your personal situation. Having a general durable power of attorney known as a “POA” is important particularly to allow the agent to gift or otherwise spend down your estate for Medicaid eligibility and planning.
If the documents are signed during competency, this may prevent a conservatorship action.
Health Care Power of Attorney
The purpose in creating a health care power of attorney is to alleviate uncertainty that otherwise may arise in connection with decisions about your medical care, to promote family harmony, and to clarify instructions to your health care providers. Your Agent’s authority to act on your behalf concerning your medical care includes decisions concerning artificial life support, medical treatment, surgery and other medical procedures; artificial nourishment and hydration; resuscitation decisions (including Do Not Resuscitate [DNR] orders and Cardiopulmonary Resuscitation [CPR] directives); amputation of limbs; blood transfusions; experimental drugs and medical procedures; the administration of pharmaceutical agents; and arrangements for your long term care.
Schedule your confidential estate planning consultation. Telephone: (931) 232-4529