In Tennessee and around the country, many people think that estate planning is something that is reserved only for the wealthy. The truth is that estate planning is about much more than a way for people with significant assets to pass them down to the next generation. Even if you are not rich, you may still benefit from estate planning since it will make your loved ones’ lives easier in the future.
Of course, estate planning is a way to give your assets to your family when you die. However, there may be tax issues or other problems that can arise that your loved ones will be left to deal with when you are gone. An estate plan will allow you to make your wishes about your property known and smooth the way for it to go to your children or any other heirs.
There are many other reasons why you would need an estate plan. There may also be powers of attorney and other health care directives that can help your family while you are still here. A medical power of attorney is part of an estate plan and will designate who is to make decisions on your behalf when you are no longer able. You can also include an advance care directive in your estate plan so your family will get medical treatment for you in accordance with your wishes.
Many people do not know the laws of estate planning and how you would go about putting these things into operation. An estate planning attorney may help you figure out your priorities and then assist you in drafting the documents that are necessary to formalize your choices.