Estate Planning, Trusts, and Wills
Managing assets is a critical part of your financial future. From assistance in drafting wills and trusts to navigating probate court, attorneys at Rochford Law & Real Estate Title, PLLC are here for you every step of the way. Our experience in estate law can help guide your financial planning and provide peace of mind that your assets will be maintained and well managed throughout all stages of life. Please review our selection of estate planning services and give us a call for a free consultation today!
Nashville Estate Planning Attorney
Estate planning is a critical aspect of financial planning for individuals and families of all income levels. By creating an estate plan, you can ensure that your assets are distributed according to your wishes, minimize taxes and administrative costs, and provide for your loved ones’ future financial security. Whether you have a sizable estate or modest assets, estate planning allows you to exert control over the disposition of your belongings and make provisions for your heirs.
Determining whether a will or a trust—or a combination of both—is appropriate for your estate plan depends on various factors, including the size of your estate, your family dynamics, and your long-term objectives. While wills are suitable for many individuals and families, trusts offer added benefits such as asset protection, incapacity planning, and tax efficiency.
Last Will and Testament
Your Last Will and Testament serves as the guide to distributing your assets upon death. This document will name an executor of your estate, burial and funeral instructions, guardianship instructions for minor children, other final arrangements and most importantly, how to distribute your assets. A Will is a roadmap to your final wishes. Having your legal documents in place can provide you peace of mind and assurance that your estate and assets will be distributed according to your wishes. For more information on wills, give our office a call today.
Trust Litigation Attorney
A trust is a legal document, like a will, that instructs how assets are to be distributed due to incapacity or death. A trust is created by the grantors of the trust and administered by trustees. A trust will have instructions in place for successor trustees and define familial relationships and beneficiaries. A trust is different from a will as it is a legal entity. For example, real estate can be vested in the name of your trust.
Navigating the complexities of estate planning requires the expertise of a knowledgeable trust attorney. A trust attorney in Nashville, TN can assess your unique circumstances, explain the intricacies of wills and trusts, and help you devise a comprehensive estate plan that aligns with your goals. Whether you have a modest estate or substantial assets, consulting with a trust attorney ensures that your wishes are accurately documented and legally sound.
For more information on trusts, call our office today for a free consultation from our Nashville Trust Attorney.
Nashville Probate Attorney
What is Probate? Probate is the process of admitting a last will and testament to court to distribute a deceased person’s assets and estate. When a person passes with a last will and testament, that person will designate an administrator or executor to deal with the distribution of assets. Probating a will allows this executor to be granted authorization to tend to the details of closing a deceased person’s estate. These duties include settling debts, withdrawing stocks and bonds, closing accounts, selling property, and distributing assets to beneficiaries. At Rochford Law & Real Estate Title, PLLC, our experienced attorneys can guide you through the probate process. Give us a call today to discuss your probate case.
What if there is no will to probate? Individuals who die without a will are said to die “intestate.” When this occurs, Tennessee law dictates the flow of estate and assets to surviving family members. For assistance with an intestate death, give our Nashville Probate Attorney a call.
Power of Attorney
A power of attorney is a legal document that grants specified powers to a representative on your behalf. Granting someone a power of attorney gives that person authority to act and sign on your behalf. For example, if you could not be present at a real estate closing you could grant a power of attorney to someone to sign your portion of the closing paperwork. There are many types of power of attorney documents such as limited, general and durable power of attorneys.
For assistance in determining what document might work best for you, call our office today to talk to an experienced attorney.
Estate Planning and Probate FAQs
The length of the probate process varies from case to case. Once an initial hearing date is set, the parties to the probate case will appear in court, at which time the judge will appoint an executor or administrator and open the estate for probate. Once the estate is opened there is a four-month creditor period. During this time, the estate must remain open and all assets in the estate are withheld from disbursement to the beneficiaries in order to allow any creditors to make a claim against the estate. Upon the expiration of the four-month creditor period, the executor can typically disburse the estate to beneficiaries and close the estate. Depending on the availability of a court date, the existence of none or many creditors, and the complexity of handling the assets of the estate, a probate case can take a minimum of five months to over a year or more to settle.
Determining whether or not to file a probate case is often dependent on if assets of the deceased individual are available in the absence of a court order appointing an executor. Some assets, such as real property, can pass outside of probate. However, in certain instances, such as when real property is willed to an individual who is not a direct family member (spouse or child) or to the exclusion of other heirs at law, the probate process is necessary to transfer title to real property. Further, assets such as bank accounts, retirement accounts, and CDs can typically only be accessed if the bank or financial institution has evidence of a court appointed executor, demonstrating someone has the authority to access a deceased person’s account.
When a person dies without a will, they are said to die “intestate.” When a person dies intestate, TN law takes over and identifies those who are considered the heirs at law. In TN, upon a person’s intestate death, assets of the decedent are immediately vested in their heirs as defined by TN Code Ann. 31-2-104. Even if a person dies intestate, the decedent’s estate can still be probated so that the heirs at law can access assets of the estate.
A will is a document that identifies an executor of your estate and also identifies who you wish to leave your personal assets after your death. A will is utilized after a person passes away for the deceased person’s family to handle the assets the person left behind and determine who was appointed executor of the estate to handle the disbursement of assets. A trust is a legal document utilized to hold assets. For example, people often hire an attorney to create a trust for which will then hold real property. The attorney will create a trust and then prepare a deed, deeding the property title to the trust entity as the new owner. A trust will name the person that created the trust, the trustee or manager of the trust, and the trust beneficiary. If an asset is held in a trust, the trustee can disburse the assets in trust to the beneficiary according to the language of the trust document.
Trusts are signed and notarized by the creators of the trust (the trustor’s) and the trustee.
A durable power of attorney remains in effect if the principal becomes incapacitated, whereas a general power of attorney would not be in effect if the principal was incapacitated.
Your estate plans should be updated as major events happen in your life such as marriages, divorce, deaths, and births.
It is best for everyone to setup their affairs so that their wishes can be clearly determined after their death. It is very important when preparing your estate planning to carefully consider and select the person tasked with acting as the executor of your estate, or in any other fiduciary capacity.
An estate attorney can assist you in preparing your estate documents in accordance with state law. An attorney’s expertise is always recommended to avoid problems related to improper preparation of estate materials.
WHY WORK WITH ROCHFORD LAW?
- Professional and prompt
- Over 26 years of law experience
- Affordability
WHY WORK WITH ROCHFORD LAW?
- Professional and prompt
- Experience
- Affordability