If you are looking for guidance when it comes to estate planning, reach out to McClanahan & Winston, P.C. with locations in both Knoxville and Crossville, Tennessee. With years of experience creating wills, trusts, special needs trusts, powers of attorney, and more, we can help you to create a plan that accomplishes your goals.
Most people think that estate planning is something you can put off until you’re older. We always try to remind our clients that you may not be able to predict the future, but you can always plan for it. Whether you’re just starting a family or just starting to plan your retirement, there’s no time better than the present to begin preparing an estate plan.
Here at McClanahan & Winston, P.C., we focus on providing high-quality estate planning services that can help you ensure that the needs of you and your family are taken care of. From drafting and signing a will, to establishing a family trust or powers of attorney, we have the knowledge and experience to help you protect what matters most and preserve your legacy.
Creating a Will and Power of Attorney
As you may already know, a will is a binding legal document that details how an individual, often referred to as the testator, wants their property and affairs handled after death. Tennessee law stipulates that for any will to be considered valid by the courts the testator must be at least 18 years old, of sound mind, and two or more witnesses must sign the will.
If you have minor children, a will allows you to nominate someone to serve as the Guardian over your children in the event of your death. This is an important tool for parents to use to help ensure that their children are properly provided for.
Establishing a power of attorney is a legal tool that you can use to grant a named individual the power to make health care and end-of-life decisions on your behalf. Like a will, establishing a power of attorney requires the signature of two witnesses and must outline specific authorization to make health care decisions.
Creating a Trust
The most basic way to understand a trust is to think of it like a treasure chest. A trust is a legal document that builds a treasure chest where you can hold certain assets, such as homes, cars, and money. The key to the treasure chest is then give to someone that you appoint in the document. This person is called a Trustee.
The Trustee watches over the Trust for the benefit of the beneficiaries of the Trust. Trusts can be confusing, but a Trust may be the right fit for you and your family. That is why it is so important to discuss your options with an experienced estate planning attorney.