What Embodies Estate Planning In Tennessee?
Many people have heard of estate planning. Some say it simply means a person creates a will that indicates who will inherit certain property when they pass away. Others may say that an estate plan outlines your funeral or burial instructions.
These are both true. However, an estate plan involves so much more, like advance directives and powers of attorney.
A simple or basic will is the most common type of estate planning document. It includes provisions about how you wish your property to be distributed and to whom. A will typically names an executor or person who will be responsible for carrying out the wishes outlined in your will when you pass away.
Without a will, the state of Tennessee determines how your assets are distributed.
Also referred to as an advance health care directive, a living will is a document that stipulates specific directives relating to your health in the event you cannot make such decisions for yourself. Stipulations about the course of treatment such as feeding tubes and life support are a couple of examples that are often included in a living will.
Without a living will designating your medical treatment, a physician or family member will need to decide, and it may not necessarily be in accordance with your wishes.
Health Care Power Of Attorney
A health care power of attorney is very similar to a living will, but instead of outlining your wishes in a legal document, the document bestows or appoints an individual to make these decisions on your behalf. The individual you appoint will have understood your desires, wishes and intentions.
Financial Power Of Attorney
Similar to a health care power of attorney, a financial power of attorney grants a person authority to make financial decisions on your behalf if you are incapacitated.
A financial POW often is given the responsibility to pay your bills, manage investments, or transfer or sell your assets, among many other tasks.
Help From An Experienced, Trusted Attorney
However, I also help people create customized estate plans to ensure their wishes are carried out in the event they become incapacitated or pass away unexpectedly.
Creating The Right Estate Plan For You
Perhaps you are looking for someone to make financial decisions for you in the event you cannot; perhaps you are looking to stipulate a particular beneficiary to receive your property. I invite you to schedule an appointment at my office to discuss your desires and an individual estate plan.
Call 423-464-6908 to set up an initial consultation. Serving Ooltewah, Chattanooga and surrounding communities.