Many people believe that if they don’t have an estate plan, their spouse or children will simply “automatically” receive everything and things will work themselves out.
Unfortunately, in Tennessee, that’s rarely how it happens.
If you don’t create an estate plan, the State of Tennessee has already created one for you. We call it the Tennessee Default Plan.
The Reality of the Tennessee Default Plan
When someone passes away without a plan in place, their family doesn’t get to skip the legal hurdles. In fact, they’re forced into more of them.
In most cases, the estate must go through probate, a court-supervised legal process that distributes assets according to state law.
On average, a Tennessee probate case takes 9 to 12 months to close. During that time, it’s common for a family’s access to accounts and assets to be delayed or restricted while the process works its way through the court system.
And probate isn’t free. Between court costs, filing fees, and required legal notices, the average Tennessee probate can cost a family around $15,000. That’s fifteen thousand dollars of your legacy going to administrative red tape instead of your children’s education, your spouse’s financial stability, or the future you hoped to provide.
“I am so glad my family won’t have to deal with probate. It is great to ensure all of our intentions and financial information are in one place.” -Deb
Replacing the Default Plan With Your Own
The core estate plan we help families create is designed to act as a safety net against the Tennessee Default Plan.
Each piece plays an important role:
- Your Will provides the foundation of your plan.
- Guardianship nominations allow you to choose who would raise your children.
- Powers of Attorney and a Living Will ensure you still have a voice if you cannot speak for yourself, and allow you to choose people you trust to make decisions.
- A Revocable Living Trust can allow your estate to bypass probate entirely, helping your family avoid a year-long court process and thousands of dollars in costs.
- Trust funding ensures your plan actually works the way it was designed.
“After consulting with several estate planning attorneys, the Linville Estate Law team immediately stood out. Their conversation was thorough and insightful and gave us complete confidence in moving forward.” – Patrick
Don’t Leave Your Family With the Default
You’ve worked too hard to let the state’s default rules decide your family’s future. A thoughtful estate plan replaces Tennessee’s default system with one that reflects your heart and your values.
“To have this law firm in our corner allows us to sleep at night.” – Pamela
If you’re ready to put your family’s safety net in place, schedule a FREE discovery call with our team to get started.
