Estate Planning & Trusts

The Importance of Estate Planning

The Importance of Estate Planning

Estate Planning Attorney, Wills & Trusts, Living Trusts

Memphis, TN

Estate planning is important to everyone regardless of whether you are single or married, with or without children. By having a plan in place you can rest assured that your personal, health care and financial decisions are implemented. Preston Wilson is a dedicated attorney who cares greatly about each client. He believes that every case is different, so just filling in the blanks is not an option. Preston works closely with his clients on a one-on-one basis to understand their individual concerns and goals while creating a customized plan they'll feel comfortable with.

The purpose of estate planning is to protect yourself and your family by putting your affairs in order. It can also allow you to manage the assets you are leaving behind while maximizing wealth benefits and eliminating possible estate tax burdens. If you don't have a plan in place, the state of Tennessee's plan and the Probate Court will control what happens to your estate. Careful estate planning through the use of wills, trusts, powers of attorney and living wills can prevent a number of issues that may arise. With everything properly planned you will be able to protect your assets, avoid uncertainties that can initiate family conflict, accurately distribute your assets and and make sure your healthcare wishes are respected.

Parents' number one priority in life is their children: how to raise them to become contributing members of society and how to help them achieve success emotionally, financially, and spiritually. So what if something happens to prevent this – who will take over for you? A carefully laid out plan can name the guardians who will raise your children, provide a nest egg to support them, and instructions on how it should be used, whether a steady monthly income, distributions at specific milestone ages when they are responsible enough to manage their assets wisely, or something in between.

The Importance of Trusts

There are several advantages to using trusts in estate planning, especially a living trust. A living trust is created when you are alive and you can change it at any time as long as you remain mentally competent. You control any property in the trust, so you are able to buy, sell or gift your property during your lifetime. After you are gone, your family can avoid probate, which can be time consuming and sometimes expensive. In addition, a trust provides your family with added privacy – its terms remain private, unlike those of a will that become public once it's probated. Finally, your trustee will be able to distribute your assets without having to get court approval, which is less stressful during difficult times.