Pigeon Forge Estate Planning Lawyer
Over the years, you may have thought about the legacy you want to leave behind. You know that you want to take care of your loved ones and your property, but you may not have an estate plan in place. You may not even know how to start creating one. It is true that planning for the future can be stressful, and you may think it is going to be unpleasant. It does not have to be. With the right planning, you can actually have the confidence that you have made things much easier for you and your family. Below, our Pigeon Forge estate planning lawyer explains further.
The Importance of Estate Planning
Although estate planning does have the potential to become complex, estate planning will have a significant impact on your family, your estate, and your future health. It is a common misconception that estate planning is only for individuals who are aging or who have a great deal of wealth.
You must still plan for your estate even if you do not think you have a great deal of property. Your assets may be at risk if you do not plan your estate, and your beneficiaries may also have to wait a great deal longer before they receive the inheritance you intended to leave them.
While it is important to draft a thorough estate plan, it is just as critical that you review it regularly to determine if it needs updating. You should review your plan any time there is a significant life change such as a marriage, divorce, birth, or death. Even when these changes do not occur, you should review your plan every three to five years.
What Documents Should You Include in Your Estate Plan?
There are many different legal documents that can make up a comprehensive estate plan. Together, these documents ensure that your family members are taken care of, and that you receive the future healthcare you want if you cannot make those decisions for yourself. This can make it easier on your family members, as they will not have to make those difficult decisions. The most common estate planning documents are as follows:
- A will
- Irrevocable living trusts
- Revocable living trusts
- Special needs trust
- Healthcare power of attorney
- Advance medical directives
- General durable power of attorney
Including these documents will not only ensure your rights and wishes are upheld, but it will also help your family avoid the probate process when you pass away. Probate is lengthy and time-consuming, and can result in challenges against the estate. Contests and disputes can also arise during the probate process, so it is important to have legal advice when going through the process.
Our Estate Planning Lawyer in Pigeon Forge Can Create the Plan You Need
Estate planning is something that is easy to put off, but you really should draft yours as soon as possible. At Fox, Farley, Willis & Burnette, our Pigeon Forge estate planning lawyer can help you create yours so your family, future health, and legacy are protected. Call us now at 866-862-4855 or contact us online to request a consultation with our experienced attorney.
