What is Estate Planning and why do you need it?
A well-done estate planning can help you protect your assets and minimize estate taxes and legal fees while ensuring that your loved ones are taken care of in case of death.
While estate planning may seem like something only wealthy people need to worry about, it is a good idea for everyone to have at least a primary estate plan. Suppose you die without a will or other estate planning documents in Chattanooga. In that case, your assets will be distributed according to Tennessee state laws, which may differ from what you would have wanted.
In addition, if you become incapacitated without an estate plan, your loved ones will have to go through the court system to get access to your finances and make decisions on your behalf. An estate plan can help avoid all this hassle and ensure your wishes are fulfilled.
We understand the importance of having peace of mind when it comes to your estate, and that's why we are dedicated to providing the highest level of service and attention to detail in our Estate Planning services in Chattanooga.
Seven basic steps to getting started with Estate Planning in Chattanooga:
While comprehensive inheritance planning can be complex depending on the size of your estate, everyone should complete these seven essential steps to ensure their estate and assets are in order:
- Take inventory of your estate. Make a list of all your assets, including bank accounts and investments, real estate ownership, life insurance policies, and other assets such as collectibles or antiques.
- Decide who will be the executor or estate administrator, the person that will be in charge of managing the estate after you pass away.
- Choose your beneficiaries or heirs who will receive your estate after you pass away.
- Create a will to state precisely what should happen to your estate when you die, including the chosen executor and beneficiaries of the estate.
- Consider estate taxes and create trusts if necessary. Estate taxes can be complex, so it’s essential to work with an experienced financial planner to ensure everything is taken care of correctly to avoid any surprises down the road for your loved ones.
- Make arrangements for long-term care if needed, such as paying for assisted living or setting up a trust fund for future medical expenses associated with aging-related health conditions that may arise.
- Have estate planning documents reviewed and updated to ensure your wishes are fulfilled after you pass away.
To complete these steps, you’ll likely need help from a qualified company to help you draft and review your estate plan. At Franklin Wealth Management, one of our specialized professionals can help ensure that the documents are legally valid and tailored to meet your needs.
The must-haves Estate Planning Documents in Chattanooga
Regarding estate planning, there are certain documents that everyone should have in place. These documents can help ensure that your wishes are carried out after you die and can also help protect your loved ones from any legal complications that may arise. Inheritance planning documents that are a must-have include:
- A will is the most basic estate planning document that legally outlines an individual’s wishes regarding their assets and beneficiaries after they pass away.
- A durable power of attorney allows an individual to appoint someone else to make decisions related to financial matters if they become incapacitated.
- A health care proxy is a legal document that designates another person to make medical decisions on behalf of the individual should they become unable to do so themselves.
- Lastly, a living trust is a legal document that allows an individual to place their assets into the trust while they’re still living and appoint someone as trustee to manage it after they pass away.
By creating these essential estate planning documents, individuals can ensure that their wishes are enacted in the event of incapacitation or death. These four documents provide peace of mind that an individual’s estate will be handled according to their wishes.
Do I need to have a Will in Chattanooga?
Chattanooga is a rapidly growing city with a diverse population. As the city has grown, so has the number of people choosing to create wills. A will is an important legal document, considered the most critical part of the estate planning process, that will dictate how your assets will be distributed after your death.
In Chattanooga, it is crucial to have a will if you own property or have minor children. In addition, it can help to avoid estate disputes and ensure that your loved ones are taken care of after you’re gone. Without a will, your assets will be divided according to Tennessee state law, which may not be in line with your wishes.
If you live in Chattanooga and don’t have a will, now is the time to create one. By having a will and appointing trusted individuals as Executors, Trustees, and Guardians, you can ensure that your belongings go to the people you want them to and that your children will be cared for by the person you choose.
One of our experienced wealth advisors can help you to understand the laws and taxes surrounding wills and ensure that your document is executed correctly.
What happens if you don't have an Estate Plan in Chattanooga?
If you don’t have an Estate Plan in Chattanooga, your family will have to go through the probate process after you die. Probate is the legal process of distributing someone’s assets after death.
If you die without a Will or Trust, Tennessee’s intestacy laws determine how your assets are distributed. This means that your assets may go to something other than the people you want them to. In addition, the probate process can be time-consuming and expensive. Your family may have to pay thousands of dollars in court and attorney’s fees if you have significant assets.
The probate process can also be emotionally complex for your loved ones. They may have to deal with disagreements over who gets what, and they may not be able to access your assets for months or even years. For these reasons, it’s vital to have an Estate Plan in place so that you can control how your assets are distributed after you die.
How to choose the best Estate Planning company in Chattanooga, TN?
When it comes to estate planning in Chattanooga, choosing a company that can meet your specific needs is essential. Here are some things to keep in mind when selecting an estate planning service:
What type of estate planning services do you need?
Estate planning can encompass many services, from simple wills and trusts to more complex estate tax planning. Working with a firm that offers the specific type of estate planning you need is essential.
What is the experience and level of reputation of the professionals involved?
You’ll want to choose a service only from experienced professionals familiar with estate planning in Chattanooga. Regarding something as important as will planning, you’ll also want to work with a company that has a good reputation. Ask for recommendations or check online reviews to get an idea of what others have said about the business.
What is the fee structure of the estate planning service?
Estate planning services can vary significantly in terms of cost, so it’s essential to get an estimate of fees before making a decision. That’s why working with a Fee-Only company can make such a big difference.
Find an advisor who offers a free consultation:
It is vital to find a financial advisor who offers a free consultation before hiring them to do estate planning. This will help you determine if their services are best suited for your estate planning needs and allow you to understand the process and ask questions before committing.
Finding an Estate Planning Advisor in Chattanooga:
Finding the right planning company in Chattanooga is the most critical step. Our financial planner’s team can help manage, protect and distribute your estate according to your wishes. With their expertise, they can create a comprehensive plan that considers all applicable laws, tax implications, and other factors associated with estate planning. They can also guide you about estate taxes, asset protection planning, and more complex inheritance planning strategies.
Working with a reputable firm ensures that your estate is managed correctly and that your wishes are carried out as intended. Furthermore, we can help you identify potential issues and mitigate risks to provide a secure future for the beneficiaries of an estate.
Get started with comprehensive Estate Planning in Chattanooga.
Estate planning is not just for the wealthy. Everyone can benefit from having an estate plan, regardless of the size of their assets. This is why it’s essential to have a qualified estate planning service in Chattanooga like ours.
Our company has been providing Estate Planning services in Chattanooga for many years, and we have the experience and knowledge to help you through every step of the process. We will work with you to understand your goals and create a custom plan that meets your needs.
Our estate planning team in Chattanooga is well-versed in trusts, wills, estate taxes, powers of attorney, advanced health care directives, and other estate planning issues. We would be happy to discuss your specific needs and see how we can help.