Seasoned Wills And Trusts Counsel For Tennesseans

The last thing you want is to leave your loved ones feeling confused and uncertain after you pass. Including a will or trust in your estate plan can help ease much of that confusion, as these tools can help you designate which assets will go to which loved ones. However, knowing whether a will or a trust is proper for you requires a thorough review of your goals, wishes, and circumstances.

As the attorney at Oakes Law Firm, I can help you thoroughly evaluate your situation and help you choose and build the estate planning tools you need to help you create a lasting legacy.

What Is The Difference Between A Will And A Trust?

Both wills and trusts are essential tools in estate planning. Each serves a unique purpose in securing and distributing your assets to loved ones. To get a better understanding of wills and trusts, here is a breakdown of both:

Will

A will is a legal document that outlines how you want your assets to be distributed after you pass. It allows you to appoint guardians for minor children and specify your final arrangements. When you pass, your loved ones can review your will to understand how you want your wishes carried out. However, if you have a loved one who disagrees or disputes with the requests made in the will, they can challenge its validity in probate court.

There are also different types of wills to choose from, such as:

• Simple wills
• Attested wills
• Mirror wills
• Pour-over wills

I can help you review all of these options and more to determine which best suits your and your family’s needs and circumstances.

Trust

A trust is a legal arrangement where a third-party trustee holds and manages assets on behalf of beneficiaries. A trust can offer you more control over asset distribution and can help minimize tax burdens in some cases. Like wills, you can utilize multiple types of trusts in your estate plan, the two most common being revocable trusts and irrevocable trusts. Other kinds of trusts available in Tennessee include:

• Living trusts
• Charitable trusts
• Special needs trusts
• Asset protection trusts
• Pet trusts

These are only a few examples. I can help you determine which trusts are appropriate for your and your family’s needs.

In addition to wills and trusts, I also offer guidance on living wills, which allow you to express your wishes regarding medical treatment should you become incapacitated. This is integral to respecting your preferences and providing clarity for your loved ones.

How I Can Help You Choose

Determining whether to include a will, trust, or both in your estate plan can be challenging. Your financial and family situation is unique, and I want to help you build an estate plan that reflects your wishes and values. When we meet, I take the time to get to know your situation. Once I thoroughly understand it, I can advise and make suggestions based on what I think would work for you. I account for any questions or concerns you have when making these suggestions and utilize my more than a decade of experience. Once you decide what you want, I can help you gather all the documentation needed to add these tools to your estate planning toolbox.

The Benefits Of Consulting A Legal Professional

As your lawyer, I guide you through each step, offering clear communication and transparency. By consulting with me, you can make informed decisions that protect your family’s financial well-being and provide peace of mind for the future.

Want to learn more about the other estate planning tools I can assist you with? Check out my probate and power of attorney pages.

I Am Here To Help – Schedule A Consultation Today.

Your family and loved ones are essential to you. The last thing you want to do is leave them confused and uncertain when you pass. However, by having the proper estate planning tools, like a will or a trust, you can ensure the people you love most are cared for, even after you are long gone.

You can schedule a free initial consultation with my Knoxville-based office today by calling (865) 288-9900 or emailing me through my contact form.

While based in East Tennessee, I take clients from every corner of the Volunteer State.