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Preparing To Draft A Will

In Uncategorized by Garrett, Walker, Aycoth & Olson, Attorneys at Law

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The process of crafting a will can be an intimidating undertaking. Understandably, very few people have an easy time envisioning the day when they’ll no longer be able to care for their loved ones. However, it is critically important to have a current and complete will in place at all times, due to the fact that without such legally-enforceable documentation in place, your wishes may not be respected and your loved ones may suffer stresses and burdens that you can prevent by ensuring that you have a will and that it remains current.

First Steps

As an experienced Knoxville, TN wills lawyer – including those who practice at Carpenter & Lewis PLLC – can discuss with you in greater detail, the process of preparing to draft a will primarily consists of taking a full accounting of all of your property and assets and taking mental and emotional stock of your wishes and priorities. Because the purpose of your will is ensuring that your property is distributed according to your wishes in the event of your death, you will need to spend time thinking about how you want your assets distributed. You will also need to think about how your decisions will impact your surviving loved ones and whether any approaches that you might be inclined to take are worth any tensions that may arise as a result of your decisions.

Don’t be afraid to itemize. Too often, individuals are under the assumption but if they list all of their important property individually, they will look neurotic and materialistic. In reality, listing all of your important property in your will and making beneficiaries of this property clear will make estate management that much easier for your surviving loved ones.

Digital Considerations

You will also need to think about any assets that you store online, any accounts to which you have logins, and how you want your digital footprint managed in the event of your death or incapacitation. Over the past decade, the concept of digital estate planning has become increasingly urgent business. Working with an attorney will help to ensure that the ways in which you interact with the world online are handled according to your wishes after you are no longer in a position to maintain your digital footprint yourself.

Considering a Revocable Living Trust

If you want to spare your loved ones the process of navigating probate and you live in a state where probate is initiated as a matter of course, you may want to consider drawing up a revocable living trust instead of relying on a will for your asset distribution needs. If you set up such a trust, the income generated by assets held within the trust will be directed to you for the remainder of your life and will only be distributed to your beneficiaries upon your death. Yet, and taking the time to construct this estate and financial planning tool, you may benefit from minimized tax liability, the avoidance of probate, and the rock solid understanding that your wishes will be honored.