Tennessee Probate Law: Wills and Trusts
When an individual comes to the point when they begin making a plan for the allocation of assets in the event of of their own passing, choosing a will or a trust can be a troublesome choice. At Nashville Law Offices, PLLC, our attorneys have assisted in guided our clients in settling on the right choice, and have created estate plans for countless clients in the Nashville area throughout the course of the past 29 years. It is of utmost importance not to delay such a significant choice in order to avoid continuing without at any form of an established will before their passing. With no will, any assets will be distributed by the court on the basis of law of intestate succession, which may not align with the individual’s wishes.
A will guides the individual’s representative specifically on how their estate should be dispersed; a trust additionally delineates the disposition of an individual’s belongings upon their passing, will, however, typically exchange the property to the trust during that individual’s lifetime. For that reason, the trust may assist beneficiaries with limiting or even entirely removing state and government taxes on the estate. While trusts are often more expensive to draft than wills, they may additionally help in bypassing noteworthy probate expenses and charges.
The Difference Between Wills and Trusts
The two wills and trusts produce a system by which to distribute an individual’s estate to the requested beneficiaries upon their death. The essential contrasts between a will and a trust are explained below:
- Guides how to disperse estate following death
- Identifies legal guardians for minors
- Identifies property managers for property distributed to children
- Identifies an executor
- Directs how taxes and debts will be paid
- Requires formal execution and witnesses
- Bypasses probate–conserves time and money
- Maintains privacy following death–no public court filings
- Requires particular drafting consideration
- Requires transfer of property once trust is made
- Safeguards assets from creditors
- Maintains a strategic distance from conservatorship in numerous cases
At Nashville Law Offices, PLLC, we can address any inquiries you may have regarding estate planning and assist you with setting up a will or trust which will suit your wishes.