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Estate Planning Checklist

Mark E. Tillery, Attorney at Law Jan. 17, 2024

Estate Planning with related word cloud on blackboardI understand that planning for the future can seem daunting. It's an emotional journey, filled with important decisions and legal jargon that can often feel overwhelming. This is especially true when it comes to estate planning—a crucial step in ensuring your wishes are carried out and your loved ones are taken care of after your passing. 

At my firm, Mark E. Tillery, Attorney at Law, we're here to lighten that load. Based in Knoxville, Tennessee, I serve clients throughout Knox County, including Maryville, Farragut, and Clinton. My firm is dedicated to guiding you through the complexities of estate planning, providing personalized solutions tailored to your unique situation. 

Understanding Estate Planning 

Estate planning is about more than just drafting a will—it's a comprehensive process that allows you to make key decisions about your medical care, assets, and the future of your loved ones. A well-crafted estate plan ensures your wishes are respected and protects your loved ones from unnecessary stress and conflict. 

Planning your estate offers numerous benefits, not just for you, but also for your loved ones. By taking the time to plan, you can ensure your assets are distributed according to your wishes, minimize taxes and fees, and protect your loved ones from unnecessary stress and conflict. 

By designating guardians for minor children, you ensure their care remains in trusted hands. Making your medical and end-of-life care preferences known can spare your loved ones difficult decisions during a time of grief. And by providing for the future needs of your loved ones, you offer them security and peace of mind. 

Steps to Creating an Estate Plan

Creating an estate plan may seem like a giant task, but breaking it down into manageable steps can make the process much easier. The first step is to determine your preferences for medical care and designate a healthcare agent. Next, select someone you trust to act as your power of attorney—someone who will manage your financial affairs and property if you become incapacitated. 

Review and update beneficiary designations on life insurance policies and retirement accounts to ensure they align with your wishes. Take stock of your assets, including real estate, investments, and personal property, and keep their values updated. Determine how you want your assets distributed and consider creating trusts for protection and management. 

If you own a business, create a succession plan for its future ownership and management. Work with an experienced estate planning attorney to ensure your plan is legally sound and tailored to your needs. Finally, explore options for life insurance and long-term care insurance. 

Estate Planning Tools

Estate planning is not a one-size-fits-all process. It requires a variety of tools and documents to ensure all bases are covered. Let's explore some of these essential tools in more detail: 

  1. Will: This is perhaps the most well-known estate planning tool. A will allows you to specify how you want your assets distributed upon your death. You can also name a guardian for your minor children in your will. 

  2. Trust: A trust is a legal arrangement where a trustee holds and manages assets for the benefit of designated individuals (the beneficiaries). Trusts can be used for creditor protection, to avoid probate, reduce estate taxes, and provide for loved ones who may not be able to manage their own finances. 

  3. Pour-Over Will: This type of will is used in conjunction with a trust. It ensures that any property that wasn't transferred into the trust during your lifetime is 'poured over' into the trust upon your death. 

  4. Advance Directives: These documents express your wishes regarding medical care in case you become unable to communicate. They may include a living will and designation of a health care surrogate. 

  5. Limited Liability Company (LLC): An LLC can be an effective tool for managing and protecting family assets. It provides liability protection, can offer tax benefits, and allows for flexible management and control arrangements. 

  6. Joint Tenancy with Rights of Survivorship: This form of property ownership ensures that upon one owner's death, their share of the property automatically passes to the surviving owner(s), bypassing probate. 

Remember, not everyone will need every tool mentioned above. Depending on your situation, you might need only a few or perhaps even other tools not listed here. I am here to help you make these choices and create an estate plan that is tailor-made for your unique needs and circumstances. 

Rely On Dependable Legal Advice

Estate planning is a crucial step in securing your future and protecting your loved ones. It's about more than just deciding who gets what—it's about making your wishes known, minimizing potential conflicts, and providing for those you care about most. At my firm, Mark E. Tillery, Attorney at Law, I'm dedicated to helping you complete this complex process. Serving Knoxville, Tennessee, and surrounding areas, I'm here to provide the guidance and knowledge you need to create a comprehensive estate plan that reflects your wishes and provides for the future needs of your loved ones.