Turnbow Law provides estate planning services for individuals and families seeking to plan for the management and distribution of assets under Tennessee law. Attorney Chad Turnbow assists clients with creating legally sound estate plans designed to provide clarity, reduce uncertainty, and address future legal and financial considerations.
Estate planning is the process of organizing how assets will be managed during life and distributed after death. A well-prepared estate plan can help avoid unnecessary court involvement, reduce disputes, and ensure that personal wishes are carried out according to Tennessee law.
The Purpose of Estate Planning
Estate planning is not limited to individuals with substantial assets. It applies to anyone who wishes to control how their property is handled, who will make decisions on their behalf if they become incapacitated, and how responsibilities are managed after death.
Without an estate plan, Tennessee law determines how assets are distributed and who is authorized to act on a person’s behalf. This default process may not reflect personal preferences or family circumstances.
Estate planning allows individuals to:
- Direct how assets are distributed
- Appoint trusted decision-makers
- Reduce probate involvement when possible
- Provide guidance for future contingencies
Core Estate Planning Documents
An estate plan may include several legal documents, depending on individual goals and circumstances.
Wills
A will outlines how a person’s property should be distributed after death and may designate a personal representative to administer the estate. Wills must comply with Tennessee legal requirements to be valid.
Powers of Attorney
Powers of attorney allow an individual to appoint someone to make financial or legal decisions if they are unable to do so. These documents can be structured to take effect immediately or upon incapacity.
Advance Directives
Advance directives address healthcare decisions, including medical treatment preferences and appointment of a healthcare decision-maker.
Each document serves a specific purpose and works together to form a comprehensive estate plan.
Avoiding or Minimizing Probate
One common goal of estate planning is reducing the need for probate court involvement. While probate may still be necessary in some cases, proper planning can help limit its scope.
Strategies may include:
- Beneficiary designations
- Joint ownership arrangements
- Trust-based planning, where appropriate
Determining which assets are subject to probate and which may pass outside of the process is a key part of estate planning.
Planning for Incapacity
Estate planning is not only about asset distribution after death. It also addresses decision-making during life if an individual becomes unable to manage their affairs due to illness or injury.
Without proper planning, family members may need to seek court-appointed guardianship or conservatorship. Advance planning allows individuals to choose who will act on their behalf and under what authority.
Updating and Maintaining an Estate Plan
Estate plans should be reviewed periodically and updated as circumstances change. Life events such as marriage, divorce, birth of a child, acquisition of assets, or changes in health may require revisions to existing documents.
Outdated or inconsistent documents can lead to confusion, disputes, or unintended outcomes. Ongoing review helps ensure that an estate plan continues to reflect current intentions.
Common Estate Planning Considerations
Estate planning often involves addressing issues such as:
- Distribution among multiple beneficiaries
- Appointment of guardians for minor children
- Coordination with existing assets and accounts
- Anticipation of future legal or financial changes
Each individual’s situation is different, and estate plans should be tailored accordingly.
The Importance of Legal Accuracy
Estate planning documents must meet specific legal requirements to be enforceable. Errors in drafting, execution, or coordination can undermine the effectiveness of a plan.
Working with an attorney helps ensure that documents are properly prepared, executed, and aligned with Tennessee law.
A Thoughtful and Practical Planning Approach
Turnbow Law approaches estate planning with an emphasis on clarity, organization, and informed decision-making. Attorney Chad Turnbow works directly with clients to explain available options, identify goals, and prepare documents that reflect individual circumstances.
Estate planning is a proactive step that can reduce uncertainty for loved ones and provide clear guidance during difficult times. Thoughtful preparation helps ensure that personal wishes are respected and legal obligations are addressed in accordance with Tennessee law.
Trusts in Estate Planning
Trusts are a significant component of many estate plans and can be used to manage assets during life, after death, or both. Turnbow Law assists clients with trust-based planning when appropriate based on individual goals, family circumstances, and asset structure.
A trust is a legal arrangement in which assets are transferred to a trustee to be managed for the benefit of one or more beneficiaries. Trusts can be customized to address a wide range of planning objectives and may operate alongside other estate planning documents such as wills and powers of attorney.
Common Reasons for Using a Trust
Trusts may be used to:
- Manage assets during incapacity
- Control how and when beneficiaries receive property
- Reduce or avoid probate court involvement
- Provide continuity in asset management
- Address complex family or financial situations
Not every estate plan requires a trust, but for some individuals and families, trust-based planning offers added structure and flexibility.
Types of Trusts
Estate planning may involve different types of trusts depending on the desired outcome, including:
- Revocable living trusts, which allow the creator to retain control during life and provide for asset management and distribution
- Irrevocable trusts, which may be used for specific planning purposes and typically cannot be modified once established
- Testamentary trusts, created through a will and effective after death
Each type of trust serves a distinct purpose, and the appropriate structure depends on legal, financial, and personal considerations.
Trusts and Probate Avoidance
Assets properly transferred into a trust during life are generally not subject to probate upon death. For clients seeking to minimize probate involvement, trust planning can be an effective strategy when combined with proper asset titling and beneficiary coordination.
It is important that trusts are correctly funded and maintained. Assets not transferred into a trust may still require probate, even if a trust document exists.
Coordination With Other Estate Planning Documents
Trusts do not replace the need for other estate planning documents. A comprehensive estate plan may include a trust along with a will, powers of attorney, and advance directives. These documents must be coordinated to avoid inconsistencies and ensure that the estate plan functions as intended.
Legal Guidance for Trust Planning
Trusts must be properly drafted, executed, and funded to be effective under Tennessee law. Errors in trust formation or administration can create unintended legal and financial consequences.
Turnbow Law provides guidance on whether trust planning is appropriate and assists clients in establishing trusts that align with their overall estate planning goals.