Hagar and Phillips - Understanding Wills, Trusts, and Estate Planning Basics in Tennessee

Understanding Wills, Trusts, and Estate Planning Basics in Tennessee

Estate planning in Tennessee enables individuals to direct the management and distribution of their assets after death or during incapacity, offering families security and clarity. Wills and trusts serve as foundational tools, each with distinct roles under state law. Grasping these essentials helps Tennessee residents approach legacy decisions with confidence.

A will, known formally as a last will and testament, outlines the distribution of probate assets such as solely titled bank accounts, vehicles, or real estate. Tennessee requires the testator to be at least 18 years old, of sound mind, and the document to be witnessed by two disinterested parties who sign in the testator's presence. Holographic (handwritten) wills are valid if entirely in the testator's handwriting and authenticated by two witnesses. Absent a will, Tennessee's intestate succession laws govern, typically favoring spouses and children, which may not reflect personal wishes.

Wills undergo probate, a court-supervised process in the county of residence to validate the document, settle debts, and transfer assets. This typically spans 6-18 months, involves court fees, attorney expenses, and public disclosure. While essential for many estates, probate delays heir access to funds and exposes estate details publicly.

‍Trusts provide probate alternatives. A revocable living trust transfers assets during life, with the creator retaining control as trustee. Upon incapacity or death, a successor trustee distributes assets privately and efficiently, bypassing court. Tennessee fully recognizes revocable trusts. Irrevocable trusts offer tax benefits or asset protection but restrict modifications once funded.

Supporting documents enhance plans. A durable power of attorney delegates financial authority during incapacity. Healthcare directives (advance directives) specify medical preferences and appoint a proxy, avoiding court-appointed conservatorships.

Life events such as marriage, divorce, births, or deaths necessitate reviews every 3-5 years. Tennessee eliminated its state estate tax in 2016, though federal thresholds apply to larger estates.

This overview is for general informational purposes only and does not constitute legal advice for any particular situation.

Hagar & Phillips in Lebanon, TN, assists clients with Tennessee estate planning tailored to individual needs. Contact us at 615-784-4588 to schedule a confidential consultation and explore how wills, trusts, and related tools align with your family's future.

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