A person in Tennessee who has not begun estate planning may have resisted due to the thought that it was only for those who were wealthy. However, using tools such as wills or trusts can assist a person regardless of the size of their estate. In fact, the distribution of assets may be eased for heirs when estate planning documents are created due to the fact that the wishes of the deceased are clear.
Using a will in estate planning is one of the most common methods. In a will a person can appoint an executor who will distribute the estate according to the directives of the documents. This signed and witnessed estate planning instrument can detail individual items that a person wishes to leave an heir.
Unlike a trust, a will must be probated in most cases. This process can involve the court and will likely make the financial life of a person known to the public. The cost of probate to heirs often leads those who are beginning estate planning to consider creating a trust for their assets.
With a trust, such as a revocable living trust, a person planning an estate places all of their assets into the instrument while they are still alive. Additional assets can be added to the trust as they are acquired. The reverse is true for assets that have been sold or disposed of prior to death. At the time of a person's death, the trustee who has been appointed to administer the estate will distribute the trust according to its directives. This type of trust does not need to be probated in the court.
There are many types of trusts and wills to be considered in estate planning. Each estate has different needs. It does not matter the size of the estate to be planned, but it is important that a person in Tennessee make their wishes known to their heirs.
Source: DentistryIQ, "Estate Planning Is Not Just for the Rich and the Famous," May 8, 2012
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