The most common phrase we hear when people come to us is, “I just need a simple Will.”
It makes sense. You’ve likely seen movies where the family gathers in a fancy office for a dramatic “reading of the Will”. It’s no wonder the Last Will and Testament tends to be the star of the show. It’s the main document people think of when it comes to estate planning.
Because of that, most people think a Will is all they need to create a plan. But in reality, a Will is really just the foundation of planning. If you only have a Will, you aren’t avoiding the court – you’re headed straight for it.
We created this series to walk you through each piece of the core plan we recommend for most families. This week, we’re talking about the Last Will and Testament.
The Foundation: What A Will Does Well
Every great house needs a solid foundation. That’s the role of the Will. It has two primary goals for families:
- Name Guardians: If you have minor children, the Will is where you decide the trusted people you want to raise your kids if you couldn’t.
- Distribute Assets: It allows you to specify who gets your assets like your home, accounts, heirlooms, etc.
You also have a chance to name the trusted person you want to serve as Executor who ensures that what you have stated in the Will actually happens.
Without this foundation, you get the Tennessee default plan. This means a one-size-fits-all formula where a judge decides who raises your kids and who gets your assets.
Linville Estate Law was exceptional in helping with a trust, new will, and all the other items needed for an estate. They made the entire process easy. I highly recommend this firm for your estate needs.
– Wendy
The Probate Reality
One of the biggest misconceptions we see is that a Will keeps you out of probate.
It doesn’t.
In fact, a Will actually commands your family to go to probate. It is the ticket into a courtroom, not a pass to skip the line. Probate is the court-supervised process of settling a person’s estate. This process is necessary to prove a Will is valid and figure out how to transfer your assets to your heirs.
In Tennessee, the probate process can take up to 9-12 months and cost an average of $15,000. That’s time and money out of your family’s pocket just to settle your estate.
The “Simple Will” Trap
When people say, “I just need a simple Will.”, they typically fall into one of these categories:
- Think They Have A Small Estate – Most people think they don’t have enough of an “estate” to really need anything more than a Will. What we’ve found is that people have larger estates than they think. The bottom line is if you own your home and have children, you qualify for more than just a simple Will.
- Want to Save Time and Money – Estate planning feels complicated and working with an attorney seems expensive. What they don’t realize is that the probate process after they’re gone triggers a year of public court proceedings and thousands of dollars in fees their family has to figure out how to navigate.
Ultimately, what people want is to simplify a process that feels so complicated. That’s why we do what we do. We’ve created a simplified process that helps families create plans that work.
Estate planning and completing a will and trust can be overwhelming. They were able to answer all of our questions and make recommendations on the best way to structure our trust. These are all very big decisions and not taken lightly so we really appreciated all of their help.
– Brian
The DIY Danger Zone
With the Internet and AI, it’s tempting to purchase or download a form, fill in the blanks, and call it a day. But in an effort to simplify things, you may unknowingly create more complication and confusion.
Templates and forms can lead to ambiguity that tears families apart because the language wasn’t clear or the execution is flawed. Plus, because each state has their own laws, you risk getting a template that wasn’t designed for Tennessee law.
You may have heard of a Holographic Will. This refers to a Will that has been handwritten directly by the person. But Tennessee law has specific requirements to ensure it’s a valid document. You run the risk of not meeting these requirements rendering it invalid.
The bigger threat to DIY planning and templates is that your family and situation aren’t one-size-fits-all. You deserve a plan that reflects your family, your goals, and your unique situation. You could unintentionally create a conflict among family because you opted for a template that didn’t factor in all the nuance of your family.
That’s why you need a guide that understands Tennessee law and gets to know your family. We have helped over 1,000 Tennessee families create plans that work when they need it most.
Don’t waste your time trying to “do it yourself” through an online estate planner, because it will not cover everything as thoroughly as they do at Linville Estate. And when it comes to this type of thing you want all your bases covered, and everything to be done perfectly.
– Elizabeth
Building the Rest of the House
If the Will is the foundation, a comprehensive plan is the rest of the house.
A Will only works after you’re gone. It doesn’t help you if you are incapacitated, need someone to manage financial or medical decisions, or want to create guardrails and specific instructions after you’re gone.
That’s why we created this series to help you see how each of these play a unique and key role in a comprehensive plan that families in Tennessee need. You’ll learn about Guardianship, Financial Power of Attorney, Health Care Power of Attorney and Living Will, and Trusts and Funding.
Plans That Work, People Who Care.
Our firm exists because we have seen what happens when plans do not work. Families are left navigating uncertainty at the worst possible time.
Planning is not about paperwork, it’s about people, and we do everything we can to ensure that your family has clarity when they need it most.
Because when it comes to protecting your finances and your family, that clarity really matters.
Whether you are needing the foundation with a Will or want to build the house with a comprehensive plan, we would be honored to walk through it with you.
