If you are looking for a trusted Memphis estate planning lawyer, consider contacting the law firm of Wiseman Bray. Our lawyers understand that estate planning is a topic that some people feel uncomfortable about discussing. However, it is crucial for people to legally specify their wishes in order to ensure that those wishes are carried out when they are no longer here.
What Can a Memphis Estate Planning Lawyer Do for Your Family?
Our lawyers may look at your unique situation to find out which estate planning tools will benefit your family. Factors such as your age, marital status, and whether you have minor or adult children are just some of the issues that play a part in estate planning. Some of the options your Memphis estate planning lawyer may discuss with you include:
Wills and Trusts
A will determines what happens to your assets after going through the probate process. A living trust can be set up in order to avoid that probate process and to reduce taxes that the estate would have to pay. Living trusts often offer more flexibility as far as determining which heirs will receive which assets.
Special needs trusts can also be set up for families who have disabled or special needs children who could lose financial aid if the asset were put directly in the child’s name.
Power of Attorneys
A Memphis estate planning lawyer can also assist you in drafting up legal documents that allow you choose a power of attorney. This may be important in the event you become too ill or incapacitated to handle your own financial affairs.
If you have minor children, it is important to designate someone as the legal guardian of your children. This person would oversee financial issues pertaining to your children’s wellbeing and may also handle any assets your children inherit from your estate. There are also other types of legal guardianship that an estate planning attorney can assist with, including those for disabled or elderly adults.
Advance Directives and Durable Health Care Power of Attorneys
Advance directives — also referred to as living wills — and durable health care power of attorneys (different from financial power of attorneys) are often drawn up together. These documents specifically express what your wishes are in the event you are nearing end of life — either through an accident or illness — and that your wishes, not the wishes of loved ones, should be carried out.
Estate Tax Planning
Taxes are often very complicated and estate tax planning is no less complicated. An estate planning lawyer can discuss all of the different options you may have to help alleviate the tax obligations your estate assets may create.
Contact a Memphis Estate Planning Lawyer for Assistance
If you need to draw up estate planning documents, or you wish to update existing plans, contact a professional estate planning lawyer in Memphis TN today. The attorneys at Wiseman Bray may take the time needed to discuss all your options and help determine what plans will benefit you and your family the most.
Call and make an appointment with a Memphis estate planning lawyer at 901-372-5003, or fill out a contact form on our website.