For parents in Tennessee, nothing is as important as making sure your children are provided for and set up for success no matter the circumstances. Parents ensure that minor children have every possibility for success and plan for every situation via life insurance, good health insurance, etc. But without an estate plan, your children’s future is left in the hands of the courts — not you. Estate planning for parents of minor children ensures that your family is cared for and protected if you pass away or become incapacitated.
Asking the following questions will clearly illustrate the necessity of creating a solid estate plan:
What Happens If I Don’t Name a Guardian for My Children?
Who would be your child’s guardian should one be needed? Without an estate plan, Tennessee courts decide who the “fittest” guardian will be for your children — without your input. This may result in a judge appointing someone who does not reflect your values or wishes.
Who controls my assets if I become incapacitated?
Without an estate plan in place, the court will decide who controls your assets based on Tennessee state law rather than considering your preferences. This could delay care for your children and limit how your resources are used to support them.
Can My Minor Child Inherit Assets Directly?
Children under 18 cannot directly inherit assets in Tennessee. Without an estate plan, the court will manage those assets until the child turns 18. At that point, your child will receive a lump sum payout of all remaining assets — often without safeguards or financial guidance. This process can also cost thousands of dollars in court fees and expenses.
Why Parents in Tennessee Need an Estate Plan
Without an estate plan, the crucial decisions about how your child should be cared for are left to a court that has limited knowledge of your family’s situation. By creating an estate plan you ensure that your voice — not the court’s — determines your child’s future.
To make sure that your family is well taken care of, regardless of the circumstances, contact us to create a personalized estate plan that keeps you in control.
Click here to schedule a free discovery call today!
Read Part 2 of this blog series to learn the estate planning tools — wills, trusts, and powers of attorney — that parents can use to secure their children’s future.
