We are a Tennessee law firm with client-focused service and family values. Estate planning is the primary focus at Lannom Law. While based in the Cookeville, we serve clients across the State of Tennessee. Lannom Law provides a variety of estate planning services and packages ranging from foundation planning to advanced planning and includes wills, durable powers of attorney, heath care directives, revocable living trusts, and irrevocable trusts.
Every Tennessean currently has an estate plan, some just do not know it. Without an intentional plan put into action, the State of Tennessee will decide your estate plan for you. This means your entire estate will be distributed according to the Tennessee laws of intestacy. This is likely not what you want. At Lannom Law, we believe Tennesseans are in the best position to decide the outcome of their estates.
Last Will and Testament
Your Last Will and Testament is just one part of your overall foundation planning that every Tennessean should incorporate into his or her Estate Plan. Your Will is where you will nominate a guardian of your minor child if something should happen to you. A nomination of guardian is something every parent needs to do as this is something you do not want left up to chance or the court. Your Will is only effective upon death and must be admitted to your local probate court to open an estate for the distribution of your assets.
Powers of Attorney
A Power of Attorney is a legal document that allows the authority for certain powers to be transferred legally to another person of your choosing. What those specific powers are depends on the terms of the document. The powers can be overly broad or narrow depending on your wishes. The Power of Attorney terminates upon the death of the maker of the document. A Durable Power of Attorney should be utilized when the intent of the maker is for the Power of Attorney to continue in the event of incapacity.
Advanced Health Care Directive
Any adult in the State of Tennessee may implement an Advanced Directive. An Advanced Directive is the primary tool for protecting a person’s health care when they cannot speak for themselves. An Advanced Directive allows your physician, health care team, and loved ones know the level of care that you want and who you want to make decisions for you when you can’t make those critical decisions. The Advanced Directive allows you to express your values and desires related to end-of-life care. You should ensure your primary care provider has a copy. This document is included in our Foundational Planning at Lannom Law.
Trusts: Revocable Living Trusts, Irrevocable Trusts, Testamentary Trusts, Special Needs Trusts, and Other Trusts
What exactly is a trust and when or why would you need a trust? At the fundamental level, a trust is a fiduciary relationship in which a person, the trustor, gives another person, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts can be utilized for a wide variety of purposes to achieve specific goals.
There are a variety of trusts and they can be foundational or complex depending on the needs of the client. Trusts can allow a person to avoid probate court, minimize estate or gift taxes, protect property from future creditors, or provide or invest property for a third party. Importantly, trusts can continue to operate long after the trustor has passed away to continue to achieve a variety of goals for the benefit of your family or loved ones.
Our estate planning attorneys can assist you further with a conference to determine whether a trust would be beneficial for you and your family. Contact us today at 931-651-1900 to allow us to assist you in Establishing Your Legacy.