Living Trusts Attorney in Knoxville, Tennessee
Living trusts are a helpful estate planning tool that you can use to help bypass the time-consuming and costly probate process while keeping your affairs private after your passing. If you are considering drafting a living trust or want to know how other elements of estate planning work, it’s important to consult with an experienced Tennessee estate planning attorney for guidance.
At Mark E. Tillery, Attorney at Law, I’m committed to offering personalized legal guidance and advocacy to clients in estate planning matters, including wills and living trusts. I’m available to discuss your unique circumstances, enlighten you about the benefits of a living trust, and guide you through the legal procedures involved in creating one.
My firm – Mark E. Tillery, Attorney at Law – is proud to serve clients across Knoxville, Tennessee, and surrounding areas throughout Knox County, including Clinton, Farragut, and Maryville.
A trust can be described as a fiduciary arrangement that allows a person (the grantor, settlor, or trustor) to grant someone else (a trustee or successor trustee) the legal authority and right to manage trust assets on behalf of the beneficiary.
Trust assets comprise property, assets, and money placed in a trust. The trustee or successor trustee will hold and distribute trust assets to beneficiaries according to the provisions and instructions available in the trust documents.
What Is a Living Trust?
A living trust is a trust created when the trustor is still alive. In Tennessee, a living trust may be revocable or irrevocable.
Revocable Living Trust
A revocable living trust is a living trust that can be revoked, terminated, or amended by the trustor at any time. The grantor will maintain complete control over the trust while they are alive. Trust assets will be distributed to beneficiaries upon the trustor’s death or sudden incapacitation.
Irrevocable Living Trust
An irrevocable living trust is a living trust which cannot be revoked, modified, or amended by the settlor without the permission of the named beneficiary. In an irrevocable living trust, the trustor will relinquish control over the trust once assets are placed in them. .
Benefits of a Revocable Living Trust
Here are some benefits of having a revocable living trust:
It helps protect you in the event of a severe illness or sudden incapacitation.
It helps protect your property and assets from frivolous lawsuits and creditors.
It helps you bypass the expensive court-supervised probate process.
It allows you to store away assets and resources for minors until a future date.
It allows you to determine who will inherit certain assets.
It allows you to choose a trustee who will hold and manage the trust assets.
It helps safeguard heirs and beneficiaries from poor judgment and wastage of resources.
It allows you to manage and control investments and spending responsibly.
It allows efficient management of business assets and helps facilitate business succession.
A skilled trust attorney can enlighten you about the legal procedures involved in creating a living trust and help you make intelligent decisions.
Process of Creating a Living Trust
Here are the steps involved in creating a living trust in Tennessee:
Decide and choose the type of trust you are creating.
Identify the assets and property that should go into the trust.
Choose a trustee or successor trustee.
Determine the beneficiaries of the trust assets.
Create the trust document with the assistance and guidance of a seasoned attorney.
Sign the trust document in front of a notary.
Change the title of trust assets with a title or deed document.
Fund or transfer assets into the trust.
An experienced Tennessee living trusts attorney can walk you through the legal steps involved in creating a trust and make sure your document is valid and meets all procedural requirements.
How an Experienced Trusts Attorney Can Help
Creating a trust while you’re alive allows you to prepare for future uncertainties. While it seems quite straightforward to create a living trust, it is still important that it meets all necessary legal requirements. Therefore, when considering drafting a living trust, you need to speak with an experienced estate planning attorney for proper guidance.
At Mark E. Tillery, Attorney at Law, I have the diligence and knowledge to advise and guide individuals through the complexities involved in creating a living trust. As your attorney, I can help draw up your living trust and estate documents and craft a strategic plan to fund the trust. I will work diligently with you to help you achieve your estate planning goals.
Living Trusts Attorney in Knoxville, Tennessee
If you need proper guidance when drafting your living trust or estate plan, contact my firm – Mark E. Tillery, Attorney at Law – today to schedule a simple consultation. My firm proudly serves clients across Knoxville, Tennessee, and surrounding areas throughout Knox County, including Clinton, Farragut, and Maryville.