What Does A Will Include In Nashville?

A will, also called a last will, is your letter to your family about what you want to happen with your belongings. When we discuss your will, we can also review any other accounts you have to ensure they are transferable upon death (TOD) or have designated beneficiaries.

A will includes your wishes for your minor children, should both you and the other parent die or become unable to raise them. This is important. If you do not have a will, the state of Tennessee will decide who will raise your children and who gets your possessions.

If you do not have a will, your estate will likely have to pass through Tennessee probate. This takes time and costs money. When you do not write down your wishes, it forces your family to guess what you would have wanted. This can lead to long-lasting tension and disagreements.

Creating a comprehensive will provides an opportunity to leave specific instructions for the allocation of cherished items and personal treasures that hold sentimental value. You can also include conditions for inheritance, such as age requirements or educational stipulations, to ensure that your heirs are well-prepared for their legacy. A will can reflect your values and legacy through planned bequests or trust funds for long-term financial stability for your beneficiaries.

Estate planning can also extend to the establishment of trusts within your will. These can serve various purposes, from managing education funds for grandchildren to providing care for a family member with special needs. By tailoring the provisions in your will, you can create a robust plan that protects your family’s future.

Understanding Power of Attorney & Other Vital Documents

A will is one planning document. Typically, when people make their will, they also create a power of attorney (POA). When you create a POA, you designate a family member or trusted friend to take care of your financial affairs if you become incapacitated (durable power of attorney). Again, designating someone to do this takes an enormous burden off your family.

A third tool that many include as a part of their will is a living will (also called a healthcare directive or advance directive). A healthcare directive communicates in writing what you would like done to save or prolong your life by your medical team. For example, if you are in a serious car crash and are in a coma, do you want to be put on a ventilator? This document can be as simple or detailed as you feel necessary.

You may also wish to designate a family member or close friend to be your healthcare proxy. Proxy means that they have the authority to make healthcare decisions for you when you can’t. We can help you decide which person is the best fit for this role. Again, when you’ve put one person in charge and made your wishes clear, an enormous burden is lifted from your grieving family.

We can also assist you with creating or updating these documents after a significant change in your family, such as a marriage, adoption, separation, or divorce or another event.

Power of attorney (POA) encompasses more than financial decisions; it can also allow someone to make healthcare decisions on your behalf if a separate healthcare proxy is not designated. This legal document ensures your affairs are managed according to your wishes during times when you may not be able to guide the process yourself.

Creating a POA or a living will ensures your healthcare and financial preferences are respected and maintained through any incapacitation. This not only includes the management of financial affairs but also making decisions about significant transactions, such as selling property or managing investments. With a comprehensive POA, you can articulate the extent of authority given to your appointed agent, ensuring clarity and precision in managing your matters.