While we customize each of our estate plans to meet

each of our clients' unique needs and goals, there are certain

core documents that you can expect from every Walls Law Firm estate plan.  

 

Whether you choose our Health-Care Estate Plan, Will-Based Estate Plan or a Trust-Based Estate Plan, your estate plan will include the following:

• Estate Planning Session - During your estate planning session, you will spend up to one hour with our Tennessee estate planning attorney to determine your estate planning needs and goals. Our estate planning attorney will assist you with finding out what the people you love would have to deal with if you were to become incapacitated or pass so that you can decide if the current state of your affairs is okay with you.  Before your Estate Planning Session, you will need to complete our estate planning intake form.  Completing our estate planning intake form will help you to get clear understanding about what you own and what you have to think about when it comes to planning for the well-being and care of your loved ones.  If you don't already have your financial house in order, you will after your Estate Planning Session. Your Estate Planning Session may be in person at our office, by phone, or by video conference. Our office is located in Memphis, but we serve all of Tennessee.  The cost of the Estate Planning Session is $100, if you purchase one of our estate planning services, the cost of the planning session is credited to the cost of your estate planning service.  This will make the planning session free in effect.

• Power of Attorney for Finances – A Power of Attorney for Finances is an estate planning document that allows you to designate someone you trust to handle your finances.  You can choose to give someone the authority to handle your finances immediately or only upon your incapacity.  The choice is yours.  By completing this estate planning document, you are able to avoid the necessity of an expensive conservatorship proceeding to designate someone to be in charge of your finances in the event that you become incapacitated.  In addition, you are able to decrease the chances of someone who you would never want being over your finances being appointed by the court to be in charge of your finances.

• Advanced Health Care Directive - An Advanced Health Care Directive is an estate planning document that includes a health care power of attorney designation that allows you to choose people you trust to make medical decisions, sign consents, and/or releases with hospitals and/or doctors.  It also acts as your "living will" for end of life decisions.

  • Health Care Power of Attorney – Specifying a health care power of attorney in your Advanced Health Care Directive allows you to designate someone you trust to make health care decisions on your behalf in the event that you become incapacitated.  By having this estate planning document, you are able to avoid the necessity of an expensive conservatorship proceeding to designate someone to be in charge of your health care decisions in the event that you become incapacitated.  In addition, you are able to decrease the chances of someone who you would never want being appointed by the court to be in charge of your health care decisions.

  • Living Will – Including a living will in your Advanced Health Care Directive lets you specify what care you want to or do not want to receive if you are incapacitated.  You may specify the care you wish to receive based on your prognosis and your chance of recovery.  By having this estate planning document, you are able to reduce your loved ones’ conflict and stress by providing them a clear guide specify the medical help you wish to receive during a time that will already be filled with grief and sorrow.   In addition, you are able to avoid the necessity of an expensive court proceeding to designate the medical interventions you should receive in the event that you become incapacitated.

• HIPPA Authorization and Waiver – The HIPPA Authorization and Waiver is an estate planning document that gives your health care providers permission to share certain medical information with your loved ones.  Without this document, your medical providers may refuse to share information about your medical condition with your loved ones.

• Final Disposition Instructions - The Final Disposition Instructions allows you to specify how you wish to have your remains be dealt with (i.e., cremation or burial); provide details of any prior memorial, funeral, or burial arrangements you have made or will prefer, and designate someone you trust to carry out your wishes.

 

If you choose our Will-Based Estate Plan, then your estate planning package will include the documents listed above in addition to the following document:

• Last Will and Testament – A Last Will and Testament is an estate planning document that is typically the foundation of a will-based estate plan.  By completing this estate planning document, you are able to designate what will happen to your assets upon your death. Five specific bequests are included in this Last Will and Testament.  In addition you are able to designate a guardian for your minor or dependent children and pets upon your death.  If you purchase a Trust-Based Estate Plan, your Last Will and Testament will “pour-over” your assets into your Revocable Living Trust. Under the terms of the "pour-over" Will, any assets held by you at the time of your death that have not been previously transferred to your Trust will be added to the Trust at the time of your death; however, it may be subject to a probate administration to do so.  The purpose of a "pour-over" Will is to make sure all of your assets (whether in the Trust or not) are distributed according to the dispositive plan set forth in your Trust.

 

If you choose our Trust-Based Estate Plan, then your estate planning package will include the documents listed above in addition to the following documents:

• Revocable Living Trust – This estate planning document is designed to avoid the necessity of probate, help you protect your assets, and help you ensure your assets go to who you want them to go to.  This Revocable Living Trust includes up to five specific bequests.  In addition, by implementing sub-trusts, the living trust may offer your beneficiaries the ability to qualify for government assistance and protect your beneficiaries’ inheritance in the event that they go through divorce or bankruptcy.

• Personal Property Memorandum - The Personal Property Memorandum is an estate planning document that allows you to provide instructions for the distribution of your personal property.  It allows you to gift specific personal property, such as jewelry and furniture, to specific people upon your death. 

• Certification of Trust – The Certification of Trust is an estate planning document that outlines the key terms of your trust so that you do not have to give third parties your entire trust document.  The Certification of Trust sets forth the existence of your Trust and your unlimited rights as Trustee to deal with any account or asset held in Trust.  The Certification acts as a short version of the Trust Agreement and gives any third party all the information required from the Trust without getting into the dispositive provisions, which are (and should) remain confidential.

• Assignment of Personal Property – The Assignment of Personal Property is an estate planning document that allows you to transfer all of your tangible personal property to your trust.  This is also referred to as funding your trust, and allows you to avoid the necessity or possibility of having to probate those assets.  The Assignment of Personal Property also transfers your digital assets and/or rights (including any social media, online account, and or email accounts) to the Trust.

• Trust Funding Instructions – In order for your Trust to be effective at avoiding probate, you must transfer ("title") your assets into the name of your Trust.  The Trust Funding Instructions is an estate planning document that provides you detailed information on how to transfer ("title") assets to your living trust. 

• Declaration of Trust - The Declaration of Trust is an estate planning document that under certain, very limited circumstances, could possibly be helpful after your death if you neglected to transfer a valuable asset to your Trust.  The Declaration of Trust confirms that you intended to include all of your assets within your Trust.  The Declaration of Trust is not a substitute for the requirement that you must transfer ("title") your assets into the name of your Trust in order to avoid a potential probate of those non-Trust assets.

 

When you purchase one of our estate planning packages, you may also purchase the following optional add on services:

• Estate Plan Funding and Settlement –  In order for your trust-based estate plan to be effective, you will need to transfer ownership of your assets from your name to your living trust.  To save money, you may choose to transfer your assets from your name to the name of your trust yourself.  When you purchase this service, we will transfer your assets from your name to your living trust for you. 

• Long-Term Care Strategy Development – When you choose this service, we will assist you with understanding your Medicaid and /or Veterans’ Affair Pension benefits.

• Standalone Trusts- When you choose this add on, we can assist you with irrevocable living trusts, special needs trusts, or charitable remainder trusts.

• Business Succession Plan - When you choose this add on estate planning service, we will help you determine how to ensure your business will continue to thrive after your death or incapacity.

• Real Property Documents (if you own property in Tennessee)-

  • Beneficiary Deed – When you choose this add on estate planning service, you receive Quit Claim deed to automatically transfer your real property to a beneficiary or your living trust at your death;

  • Homestead Declaration –  When you choose this add on estate planning service, you receive a homestead declaration that provides added protection from creditors.

• Child Care and Parenting Plan – A Child Care and Parenting Plan is an estate planning document for parents and guardians with minor or dependent children. Our Child Care and Parenting Plan allows you to choose who you want to care for your children in the event of your absence.  In addition, our Child Care and Parenting Plan allows you to  specify how you want your children to be cared for, including, but not limited to, religious upbringing, health care, education, extracurricular activities, disciplinary practices, and any other parenting decision that you deem to be important. Our Child Care and Parenting Plan is designed to act as a guide for the court and your children's caregivers and medical providers in the event of your absence.  When you purchase our Child Care and Parenting Plan, you will have peace of mind in knowing that your children will be cared for by someone you trust and in the manner you choose in the event of your absence, death, or disability.