Understanding The Importance Of Estate Plans
Estate plans are a vital tool that benefits individuals of all ages and backgrounds. Regardless of your income or assets, you and your family can benefit from having a detailed plan in place. Estate plans not only explain how property should be handled after death, but they also can lay out your health care decisions, appoint a particular individual to help make decisions and relieve some of the stress and burden from family members at the end of your life.
At The Law Office of Donna Simpson, we want to help you preserve your legacy, make your wishes known and provide you with peace of mind through thorough estate planning.
How Does The Planning Process Work?
When you contact The Law Office of Donna Simpson, an appointment will be scheduled with our attorney to determine your specific needs and desires. In the first meeting, we will explain what a will does, and help you decide what you want to accomplish through your will. Once we have an understanding of your specific needs and goals, we will prepare the documents necessary based on our consultations and conversations with you.
The Power Of A Will
You've likely heard of a will and have an idea of what they do. The most common understanding of wills is that they strictly detail how inheritances and your assets will be divided between your children. While this is true, a will has the power to do a lot more for you.
With a will, you have the ability to:
- Direct where and to whom your estate will go after your death
- Make the administration of your estate much easier for your heirs
- Choose the person to administer your estate and distribute your assets according to your wishes
- Appoint a trustee and designate whom you want to be the guardian for your minor children
What Documents Should You Include?
The durable power of attorney is an important estate planning instrument. Our lawyer will talk with you about the advantages and disadvantages of having the durable power of attorney effective immediately or effective only upon your disability. In either event, the power of attorney will remain effective after you become disabled or incapacitated. Our office can prepare the following documents to implement your planning goals:
- Last wills and testaments
- Durable financial powers of attorney
- Advance care plans
- Health care agent forms
- Prenuptial agreements
- Durable powers of attorney
Understanding Each Document
Advance Care Plan
An advance care plan allows you to let your family and doctor know your decisions for health care if you become unable to decide for yourself. Completing this plan ensures that your wishes are honored.
Health Care Agent
You can appoint a trusted friend or relative to make health care decisions for you when you cannot make them for yourself. This individual is known as the health care agent. It is important that you talk to the person you want to appoint before filing and finalizing the forms.
Probate Of A Will And Administration Of Estates
When your loved one has died, we will work with you to help make probate of a will or administration of an estate as painless as possible. The probate process in Tennessee will be much easier if you have an attorney to guide you through each step.
A prenuptial agreement is a document that a couple enters into before marriage to determine how assets will be distributed in the event of divorce or death. Our lawyer, Donna Simpson, will personally consult with you concerning the pros and cons of entering into a prenuptial agreement. She will represent only one party to the agreement. Because of her many years of experience in family law, she is uniquely qualified to prepare or review an agreement for you.
Let's Start Planning Today
It's never too early to create an estate plan. The future is never certain, and the unexpected can happen at any time. We want to ease the burden on your family and ensure that your wishes are followed so that your legacy can live on. Contact our Cookeville office today by calling 931-400-2377. We serve communities throughout the Upper Cumberland area, and you can schedule a consultation online.