If you pass away without a trust or will in place, everything you own will be distributed in the way the government sees fit through the laws of intestate succession. That is why it is important to start planning now. It is never fun to think about your own death and what happens when you are no longer here, but for the sake of your family, friends, and loved ones it is imperative that you get a plan in place.
Contrary to popular belief, you do not have to be rich or elderly to start estate planning. Anyone who owns property of any kind has an estate, whether it is a home, a car, or a checking and savings account. Often people who have a modest or small estate need an estate plan to distribute assets properly even more than some larger estates.
Also, while it is true that the older you get the higher your chances of dying, no one is guaranteed tomorrow. So whether you are young or old, you have a big estate or a small one, you need to start estate planning now.
One of the most important reasons to put a trust or a will in place is that it will allow you to choose who you would like to represent you when you are gone. If not, the person who represents you is a decision that must be approved by the court. The person you choose is in a much better position to carry out your wishes as opposed to someone chosen by the court, so it is wise to chose that person now.
No Minor Issue
If you have children who are minors, someone will need to take care of them when you're gone. If you have a will or a trust in place, you can name a guardian of your choosing to do this. Again, this is something that is way too important to leave up to someone else to decide. While this selection is not binding to the court, they will certainly give strong consideration to your wishes on this matter.
If you have not yet begun your estate planning, or you have something in place that needs to be reviewed, we can help. At Mitchell & Mitchell, our experienced attorneys invest the time and effort to understand each client's situation. We will help you develop an estate plan that meets your needs and allows you to control their affairs as you grow older. Call us at 615-896-4211 or submit a contact form to set up your free consultation. We proudly serve those accused of crimes across central Tennessee, including Rutherford and Cannon counties.