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.
What do I Need to Ensure My Child is Protected?
Here are the key estate planning tools Tennessee parents should consider to secure their family’s future:
Wills: Naming Guardians and Directing Assets
A will is the foundational estate planning document. It is the document that allows you to direct our assets upon your death and nominate the guardian for your minor children upon your death. By creating a will, parents in Tennessee can ensure that custody decisions are made by them — not the court. This trusted guardian would take over custodial care for your minor children in the event of your passing.
Trusts: Protecting and Managing Assets for Children
A trust is a highly flexible document that provides even greater control and security that their children will be well cared for. Some benefits include:
- Avoiding the probate process, which in Tennessee can last six to twelve months or more and cost thousands of dollars.
- Allowing parents to decide how long assets should remain in trust for minor children. Instead of an automatic inheritance at age 18, you can set guidelines based on maturity and need.
- Protecting trust assets from creditors, as long as they remain in the trust.
A trust gives Tennessee parents peace of mind knowing their children’s financial future will be managed according to their values and timeline.
Powers of Attorney: Ensuring Care if You’re Incapacitated
A power of attorney is a document that allows another person to act on your behalf in case of your incapacitation. A thoughtful estate plan will include:
- A general durable power of attorney for financial tasks such as paying bills, filing tax returns, and managing bank accounts.
- A healthcare power of attorney to make medical decisions if you are unable to do so.
With powers of attorney in place, someone you trust can use your assets to care for your children and make important medical and financial decisions without waiting on the court.
Next Steps for Tennessee Parents
The best first step to secure your family’s future is sitting down with a licensed estate planning attorney. By creating an estate plan you ensure that your voice — not the court’s — determines your child’s future. At Linville Estate Law we help parents across Nashville, Brentwood, and Middle Tennessee create customized estate planning solutions that protect their children.
You can make an appointment by clicking here to schedule a FREE discovery call and see what estate planning solution is right for your family. Don’t leave your child’s future to chance — create an estate plan that puts you in control.
