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Estate planning is the primary practice area at Lannom Law. Lannom Law’s focus on estate planning will allow you to establish an estate plan that is specifically tailored to your needs. Your estate plan will efficiently solve the worries and issues facing your family, while also managing your wealth and providing for yourself and your loved ones throughout your lifetime and beyond.
If you are a resident of Tennessee and you fail to plan for your estate before you pass away, the State of Tennessee will determine what happens to your assets according to the laws of intestacy. Let Lannom Law help you establish your Legacy and enable financial security and prosperity to pass on to your next generation.
Lannom Law offers many legal strategies involved in Estate Planning. These include:
Last Will and Testaments
Powers of Attorney for Health Care
Powers of Attorney for Property
Advance Directive for Health Care
Asset Protection Plans
More about Lannom Law’s Estate Planning Products:
Last Will and Testament
Your Last Will and Testament is a basic portion of your Estate Plan. At Lannom Law, we believe every adult who either has children or owns a home should have a Will executed. Your Last Will and Testament directs the payments of valid debts and expenses, establishes guardianship in the event of minor children, passes ownership of your probate assets to the persons named in your Will, and designates a personal representative to oversee the administration of your estate.
We recommend every new resident of Tennessee to have their Will reviewed or updated because Tennessee laws may impact issues related to heirs and property. We also recommend those with major life changes such as a marriage, divorce, or the birth of a child or grandchild to update their Will because these events could impact your Estate Plan. Finally, significant changes in real property such as the sale or purchase of a home could mean that your Estate Plan should be revisited.
It is important for our clients to understand that a Will has no legal capacity until after death. Therefore, a Last Will and Testament does not control an individual’s affairs during their lifetime, such as when they may become incapacitated. Also, it is important for prospective clients to understand that a Last Will and Testament does not, by itself, allow a client to avoid probate. Instead, a Last Will and Testament guides and controls the probate process.
Durable Power of Attorney for Property
A Durable Power of Attorney for Property allows a principal, like yourself, to appoint an agent to possess a broad range of financial power over your real and personal property and assets. This document gives your named agent the power to deal with your assets in the event of your incapacity. This means that if at some point you are unable to manage your legal and financial affairs, and you are considered to be “incapacitated” or “disabled,” your power of attorney may manage your financial and property affairs for you during the time of your incapacity. For example, you can give your agent broad powers to dispose of, sell, convey and encumber your real and personal property. You can also create a Power of Attorney that gives your agent the authority to act even if you have capacity or the ability to make your own decisions. For example, you could make your spouse your agent now, if you would like for your spouse to be able to go to the bank and sign papers for you if you are unable. It is important to note, that Durable Powers of Attorney for Property should be frequently updated because banks and other financial institutions may hesitate to honor a power of attorney that is more than a year old.
Durable Power of Attorney for Health Care
A Durable Power of Attorney for Health Care allows a principal, like yourself, to appoint an agent to make health care and end-of-life decisions on your behalf. This document will give your agents the authority to act if you should become incapacitated and lose the ability to act for yourself. Your agent will have the ability to stand in your shoes and make your health care decisions during the time you are incapacitated. In this document, you can give your agent the authority to access your medical records and talk with your health care providers.
Advance Directive for Health Care
An Advance Directive for Health Care is a legal document that explains how you want medical decisions about your health care to be made in the event that you cannot make decisions for yourself. It allows you to place your family and your health care providers on notice about how you want important health care decisions to be made when you cannot make these decisions for yourself. Anybody over eighteen years of age can create an Advance Health Care Directive, and we recommend every client to have one. This document allows you to specify who you want to make and communicate decisions on your behalf if you are unable. Without this important legal document, health care providers do not have clear guidance on how to proceed in emergencies and loved ones are placed in a stressful position to guess as to how you would like to handle important matters, such as whether or not you would want your life to be prolonged if you were in a coma with no reasonable chance of recovery.
Revocable Living Trusts, Irrevocable Trusts, Testamentary Trusts, Special Needs Trusts
There are several different types of trusts that the attorneys at Lannom Law can assist you with, depending on your needs. Trusts can accomplish a variety of legal and tax planning goals. There are three elements of a trust: the trustee, the trust maker, and the trust beneficiary. Oftentimes, a trust can allow your assets to pass outside probate. At times, trusts can create significant tax and monetary advantages for the beneficiary of the trust. In certain situations, a trust can allow you to avoid creditors. We also offer you the unique option of working in concert with financial advisors or CPAs if you would like to pursue those options to further discuss appropriate avenues of asset protection in your Estate Plan.
Don’t worry, we can help you determine and understand whether the creation of a trust is right for you and what type of trust would be suitable.