Estate Planning Lawyer Memphis TNA top estate planning lawyer Memphis TN offers may assist you in the facilitation of transferring your wealth to chosen beneficiaries. Equipped with years of cumulative legal experience and a sound reputation, Wiseman Bray, PLLC strives to achieve our clients’ goals in the timeliest manner.

What is an Estate Planning Lawyer?

A Memphis estate planning lawyer is a lawyer who, through years of mentoring, education, and experience, understands how to advise clients on the preparation of affairs and distribution of wealth after total impairment or death.

Objectives of an Estate Planning Lawyer in Memphis TN

Contrary to what some may believe, estate planning is not just legal documentation of a last will and testament. Rather, an estate planning lawyer Memphis TN relies on may also draft living trusts, or develop an estate tax mitigation plan, and work to ensure your assets are safeguarded upon your death. Other services which may be professionally handled by a Memphis TN estate planning lawyer may include:

  • The preparation of powers of attorney
  • Development of health care directives
  • Arrangements for care should you become mentally incapacitated
  • Dynasty planning and preparation

Issues Associated With DIY Forms

Estate planning and its laws are highly complex. While you hypothetically can make your own estate plan, you could risk future problems when your beneficiaries try to claim it. Should you lack any necessary information, details, or notary signatures in your documentation, your will, trust, or medical or financial power of attorney may not be valid in a court of law. A skilled estate planning lawyer Memphis Tennessee has to offer may help to avoid these costly mistakes by getting things done right the first time.

Complex Situations Which May Be Suited to a Memphis TN Estate Planning Lawyer

Certain family or financial situations can carry complexities that may extend into the legal formalities of an estate. If you fit into at least one of the following categories, you may want to consult a specialty estate planning lawyer such as Wiseman Bray:

  • You own at least one business
  • You’re in a second marriage
  • You own property in more than one state
  • You have minor children
  • You have a disabled loved one
  • You have no children or immediate family members
  • You wish to leave some or all of your estate to a charity or non-related individual
  • You have substantial assets in 401(k)s and/or IRAs
  • You have a taxable estate for federal and/or state estate tax purposes

Considering Probate in Estate Planning

A court of law reviews a will under the probate process. Someone must be appointed by the court as an executor of the estate if one is not already named. The executor is responsible for estate administration asset distribution once the will passes through probate. Some assets will not be subject to probate. So how do you know which are?

  • Assets subject to the probate process:
  • Assets that are intended to be distributed based on a will
  • When a will or trust is not established

Assets that do not go through probate:

  • Jointly owned property
  • Monetary policies that have named beneficiaries
  • Assets included in a trust

If you have any concerns about specific assets that might be subject to probate, we encourage you to contact a estate planning lawyer Memphis, TN trusts.

Is it possible to avoid probate?

People are usually apprehensive of discussing death, especially when they have to think about planning for it. However, it is an important part of securing the future for your family, and it ensures that your final wishes are carried out. If you are concerned about the probate process, there are several reasons to speak with a estate planning lawyer Memphis, TN has to offer about how your family might avoid it.

There are a few ways to reduce the part of the estate that will have to go through probate. Some methods include:

  1. Taking joint ownership with your spouse or partner over any real estate you have will save it from enduring probate. Your partner will receive the title directly after your death without going through the probate court.
  2. Naming beneficiaries for all your monetary accounts including checking and savings, IRAs and retirement funds can help you avoid probate.
  3. If you create a revocable living trust, you may save some assets from probate. You may change it as needed throughout your life before you die.

Avoiding probate is a small part of estate planning goals that you may have, even before you seek advice from an estate planning lawyer in Memphis, TN. This is a complicated area of the law and it may be difficult for you to navigate alone, especially when planning for a future that you might not be part of. Without an estate plan in place, all your assets may go through probate and some may be given to family members you didn’t necessarily intend to inherit certain items. It can become confusing and emotionally trying for your family members to have to go through probate and have no clue what you had really intended when you passed on. You can call an estate planning lawyer Memphis, TN families trust to discuss multiple issues, including avoiding probate.

Scheduling an Appointment With an Estate Planning Lawyer Memphis, TN Residents Know and Respect

A knowledgeable estate planning lawyer Memphis, TN families depend on may ensure that the process of your estate planning is smooth, with continued management provided as needed. By having your estate wishes legally documented, you can have peace of mind in knowing your assets will be distributed exactly as you see fit. If you would like to know further benefits of preparing an estate plan in Tennessee, you can talk with the lawyers at Wiseman Bray. Please schedule a consultation with an estate planning lawyer Memphis TN residents trust by calling (901) 372-5003.