Will and Trust Lawyers

Why You Need an Estate Plan – and Why It Should Be Trust-Based

Planning for the future is essential, regardless of your age or financial situation. Having an estate plan makes it possible for you to protect your assets, provide for your loved ones, and ensure that your wishes are honored.

When most people hear the term “estate plan”, they think of creating a will with an attorney. While you may be able to accomplish most of your financial goals with a will-based estate plan, it’s often not enough to avoid lengthy legal proceedings, hefty taxes, conservatorships, and other negative consequences that may occur if the state has to intervene in handling your affairs.

That’s why our estate planning attorney in Knoxville, Tennessee recommends a trust-based estate plan as the most effective way to protect you and your loved ones—both throughout your lifetime and beyond.

Protect Your Loved Ones With an Estate Plan

Without an estate plan, Tennessee state law will dictate how your assets are distributed, which might not reflect your intentions. A trust-based plan created by an experienced estate plan attorney allows you to specify who inherits your property and provides greater control over when and how they receive it. This is particularly important if you have minor children or loved ones who may not be financially responsible.

Avoid Probate

Probate is a public, court-supervised process that can be lengthy, expensive, and stressful for your family. Assets held in a trust can bypass probate, allowing for a more private and streamlined distribution of your estate. This can save your loved ones time, money, and unnecessary legal complications during an already challenging and emotional time.

Minimize Estate Taxes

Trusts can be structured to reduce the impact of estate taxes, ensuring that more of your wealth is passed on to your beneficiaries rather than being consumed by taxes. A well-designed trust-based plan can utilize tax-saving strategies to preserve your assets.

Plan for Incapacity

A trust doesn’t just come into play after you pass away—it can also protect you during your lifetime if you become incapacitated. A revocable living trust allows you to designate a trustee to manage your assets on your behalf without the need for court intervention, ensuring seamless financial management according to your wishes if you’re unable to manage your own affairs.

Flexibility and Control

Unlike a will, which only takes effect after death, a trust can be designed to manage your assets both during your life and after your death. You can retain control of your assets and amend or revoke the trust at any time during your life. This flexibility allows you to adapt your estate plan as circumstances change.

Prevent Family Disputes

Clear, legally binding instructions through a trust-based plan can help prevent disagreements among your family members. Because trusts operate outside of probate, they reduce the chances of your estate being tied up in legal disputes, ensuring your wishes are carried out smoothly.

Protect Privacy

Probate proceedings are public, meaning anyone can access details about your estate. By creating a trust-based estate plan with an experienced estate plan attorney in Knoxville, TN, you can ensure that your affairs remain private, protecting sensitive information about your assets and beneficiaries.

Create Your Estate Plan with the Ebbert Law Firm Today

While we recommend a trust-based estate plan, at the Ebbert Law Firm, we understand that every client’s needs are unique, and we’re here to support you in making the choice that best suits your estate planning goals.

If you’re ready to take the steps to ensure that your future and that of your family is secure, reach out to the Ebbert Law Firm today. Our experienced team of estate planning lawyers in Knoxville, Tennessee can guide you through the process and help you create a customized estate plan tailored to your unique needs. Contact our estate planning lawyers today to get started.