A Will is one of the most basic Tennessee estate planning documents, and everyone should have one to make sure that there is no question about what would happen to your assets and kids if something happens to you. But there are some cases when having a trust in addition to a Will is imperative; here are six of them:
Avoiding probate or conservatorship.
A Trust will bypass the probate process, saving the people you love time and money. To carry out instructions in a Will, a probate must be opened in the county court of Tennessee and that means your family is stuck dealing with the Court if you get hospitalized or after you die.
Providing for a person with special needs.
If you have a child or another dependent with special needs, a Trust commonly known as a Special Needs Trust can protect assets for a special needs person without jeopardizing their qualification for government benefits. A Will allows you to transfer assets to a special needs person, but will not protect those assets.
Since a Will undergoes probate in Tennessee, it becomes public record. A Trust is private.
If you are part of a blended family, a Trust can give you the flexibility you will want to make sure that children from prior marriages are provided for in the way you want.
If you own property in another state besides Tennessee, you can easily transfer ownership via a Trust than a Will. Transferring out-of-state property in a will usually means additional legal expenses because you could have probate in multiple states and that is no fun for the people you love.
If you want to protect the assets you leave your loved ones from creditors (including bankruptcy and divorce) a Trust is the way to do it. It’s a gift you can give your loved ones that they could not easily (or at all) give themselves.
If you would like to learn more about the use of Trusts in Tennessee to pass on what you care about to the people you love, call our office today.
A Note from the Attorney, Stan Pierchoski:
The practice of law is a second career for me. After obtaining Master of Science degrees in both Nuclear and Mechanical Engineering, I worked in the Nuclear Power Industry for 15 years. Always having an interest in law, I attended and graduated from law school and founded the Pierchoski Law Firm in 2002 in Pulaski, TN. For several years I practiced as a criminal defense, trial attorney. After my parents passed I became interested in Trust and Estate Law and felt a strong calling to change my practice to the Estate Planning area.
For years I have been exclusively doing trust writing and wealth planning and have become proficient at it. Over the last several years my practice has evolved to serve all age groups including elders and Medicaid Planning. I am always open to your questions and am more than happy to chat with you about your concerns so give me a call or stop by my office. You’ll be glad you did!