Estate Planning Information Center
Last Will and Testament
A Last Will and Testament (which is also known as a "Will") allows you to maintain control, protect your loved ones, and ensure your wishes are carried out. By properly executing a Last Will and Testament, you can choose who will inherit your belongings and designate someone you trust to care for and raise your minor children. Schedule an Estate Planning Session to learn more about how a Last Will and Testatment can protect you and your loved ones: Schedule an Estate Planning Session.
4 Reasons Why You Need a Last Will and Testament
While no one wants to think about death, establishing a Last Will and Testament is one of the most important steps you can take to protect yourself, your finances, and your loved ones.
1. Select who gets
In Tennessee, a Last Will and Testament allows you to write down who should receive your jewelry, furniture, real property, retirement assets, and other prized possessions. A Last Will and Testament allows you to make your choices as to who is to recieve what property legally binding. This can help your loved ones avoid disputes and litigation after your pass.
3. Choose someone you trust to carry out your wishes
By completeing a Last Will and Testament, you are able to choose someone that you trust to carry out your final wishes. This person is often called a personal representative. The personal representative you choose will help you distribute your things to your loved ones. Without a Last Will and Testament, you run the risk of the court appointing someone you do not know or trust to be in charge of distributing your property.
2. Ensure your children are raised by someone you trust
A Last Will and Testament allows you to designate someone to care for your minor and/ or dependent children if you or your children's other parent cannot care for them. By executing a Last Will and Testament, you can prevent your children from being placed in foster and from being raised by someone you don't trust.
4. Maintain Control
A Last Will and Testament allows you to maintain contral and ensure that your loved ones are cared for in the best way possible when you are no longer available. Your Last Will and Testament can allow you to control who inherits you things and make provisions for your loved ones. If you fail to make a Last Will and Testament, the court and state law will control what happens to your things and who will raise your children. Without a Last Will and Testament, your spouse may run the risk of being put out of the marital home and your children may end up in foster care.
What If I Die Without a Last Will and Testament?
If you die without a Last Will and Testament, you will have no control over what happens to your property and who raises your children. Instead, a probate judge who doesn't know you or your loved ones will decide who gets what property based on Tennessee intestacy laws. What is even worst is that your children may end up in foster care or being raised by someone you don't trust.
Is a Living Trust Better than a Last Will and Testament?
A Living Trust is similar to a Last Will and Testament. However, a Living Trust gives you more power than a Last Will and Testament to manage how your loved ones use the money you leave them. In addition, a Living Trust helps your loved ones avoid the expensive, lengthy, stressfull probate process.
When you schedule an Estate Planning Session with our Memphis Wills attorney, we will assist you with designing a Last Will and Testament to help ensure your wishes are carried out and your loved ones are protected. Schedule an Estate Planning Session with our Memphis Wills lawyer today, so that you can gain peace of mind knowing that you and your loved ones will be protected in the event of your death or disability. We offer affordable flat fee Estate Planning Packages and flexible payment plans to fit almost any budget.
How Do I Get a Last Will and Testament?