If you’re confused about wills and estate planning, you aren’t alone. Deciding how to begin an estate plan can raise questions about wills, trusts, beneficiaries, powers of attorney, healthcare decisions, and what will happen to your property after your death.
Without appropriate planning, Tennessee law and the way particular assets are titled or designated may determine how property is transferred. Estate planning gives you an opportunity to make informed decisions about your property, the people you want to benefit, and who should be authorized to make certain decisions if you become unable to make them yourself.
At Inman, Stadler & Hill, our Tennessee estate planning lawyers help clients understand their options and prepare documents based on their individual circumstances and goals.
That’s why we’ve created this FAQ to address several common questions about wills and estate planning.
1. I don’t have a lot of money, assets, or property. Do I need a will or an estate plan?
Estate planning is not limited to people with substantial wealth. A will can direct how certain property in your probate estate should be distributed, while other estate-planning documents can address issues that arise during your lifetime.
Not every asset is necessarily controlled by a will. Property with a valid beneficiary designation or certain forms of joint ownership may pass outside the probate estate. However, if you die without a valid will, Tennessee’s intestacy laws may determine how property in your probate estate is distributed.
An estate plan may also include documents such as a durable power of attorney and an Advance Directive for Health Care to address financial and healthcare decisions if you become unable to make those decisions yourself.
2. Do I need an attorney to write my will or create my estate plan for me?
Tennessee law does not generally require an attorney simply for an attested will to be valid, but the document must comply with applicable legal requirements. Tennessee has specific rules governing how an attested will must be signed and witnessed, and errors in execution can create problems when the will is later offered for probate.
Online programs and estate-planning software can be useful in some situations, but standardized documents may not identify every issue involving family circumstances, property ownership, beneficiary designations, trusts, or other planning considerations. An estate planning attorney can review those circumstances, explain how Tennessee law applies, answer questions, and recommend planning options based on the client’s particular needs.
3. What is probate and how can I avoid it?
Probate is the legal process through which a court recognizes a will, appoints or confirms the person responsible for administering the estate, addresses estate obligations, and oversees the distribution of probate property.
Not every asset necessarily passes through probate. Assets with valid beneficiary designations, certain jointly owned property, and property held in a properly funded living trust may pass outside the probate process.
A revocable living trust can be one tool for reducing the amount of property that must pass through probate, but creating the trust alone is not enough. Property generally must be properly transferred to the trust for the trust to control it. Whether avoiding or minimizing probate makes sense depends on the assets involved and the circumstances of the estate
4. Can I change my will after it’s finalized?
Generally, yes. A will can be changed while the person making it has the legal capacity to do so and follows the applicable requirements.
One option is a codicil, which amends or supplements an existing will. In Tennessee, a codicil must satisfy the applicable requirements for executing a valid will. Another option is to prepare a new will that expressly revokes or replaces the earlier document.
Because family relationships, property, beneficiary choices, and other circumstances can change over time, it can be useful to periodically review an existing will and determine whether updates are appropriate.
5. Can my will get challenged by family members after I pass away?
A will can be challenged, but dissatisfaction with an inheritance does not by itself make a will invalid. A person seeking to contest a Tennessee will must have the required legal standing, and the challenge must involve a legally recognized issue concerning the validity of the will.
Depending on the circumstances, a will contest may involve allegations concerning testamentary capacity, undue influence, improper execution, fraud, or other validity issues. Unclear language can also create disputes over how particular provisions should be interpreted, although an ambiguity is not necessarily the same thing as a challenge to the validity of the entire will.
Careful drafting and proper execution can reduce the risk of avoidable uncertainty. An estate planning attorney can also help identify potential issues and prepare documents intended to reflect the client’s wishes as clearly as possible.
We Want to Help You Create Your Will or Estate Plan
An effective estate plan should reflect your circumstances, comply with applicable Tennessee law, and work together with the way your property and beneficiary arrangements are structured. Standardized forms may be appropriate in some situations, but individualized legal review can help identify issues that may not be apparent when completing a basic form.
If you have questions about preparing or updating a will or estate plan, contact the Tennessee estate planning attorneys at Inman, Stadler & Hill today for a consultation.
