Sensible Solutions For Estate Planning Matters
If you are thinking of planning for the future but are not quite sure where to start or what you need, the five actions below can help you decide.
Five Essential Estate Planning Pieces
1. A Will
A properly drafted will is a road map showing how you intend to distribute your life assets after death. It is the single most important document you need to complete. If you die intestate, or without a will, the court will distribute your property in accordance with state law.
2. A Living Will
A living will is similar to a will, but it outlines your wishes while you are still alive. A living will outlines acceptable treatment procedures if you are incapacitated.
3. A Power Of Attorney
A power of attorney is a critical estate planning document that allows another trusted individual to make financial, health care or other important decisions for you in the event you cannot make them yourself.
By designating a specific person you trust, one who knows your intentions, your wishes will be carried out as you see fit.
4. A Living Trust
A living trust allows you to transfer assets into a trust while you are still alive. Upon your death, the assets pass outside the probate process and are divided by your designated trusted individual to your designated beneficiaries as stipulated.
5. HIPAA Authorization
By executing a HIPAA authorization document, your health care providers will lawfully be able to release otherwise confidential information about you and your health to your family members or designated power of attorney if you are incapacitated or die.
Without this document, your doctor cannot disclose any pertinent information about you or discuss your medical treatment or care in any way with your loved ones.
Let Our Team Help
If you want to learn more about specific estate planning documents and how they pertain to your situation, we invite you to reach out to our team of lawyers at Bulloch, Fly, Hornsby & Evans PLLC Attorneys at Law. We have served Murfreesboro and Middle Tennessee for over 40 years and have built a trusted reputation.
Help Administering Probate Matters
When an individual dies, the decedent’s affairs must be processed, and his or her will must be validated. This is known as probate.
In some cases, a person has minimal assets, debt and conflict. In other cases, a person has substantial assets and debt and his or her will is suspect.
At Bulloch, Fly, Hornsby & Evans PLLC Attorneys at Law, we have helped executors and beneficiaries with all aspects of the probate process. Whether your loved one has a complex or simple estate, we can help walk you through tasks associated with probate, including:
- Assessing the amount of decedent’s debt
- Determining the total value of assets
- Liquidating assets
- Paying taxes
- Dealing with contested wills
- Identifying issues of undue influence and competency questions
- Managing business continuity issues