Beyond Wealth: The Real Purpose of Estate Planning

When most people hear the term estate planning, they think it only applies to the wealthy. In reality, if you own a home, have children, maintain a bank account, or simply want a say in what happens if you become ill or pass away, you need an estate plan.

Estate planning in Tennessee is about control, clarity, and protection — for you and for the people you love.

What Happens If You Don’t Have a Plan?

Under Tennessee law, if you die without a will (called dying “intestate”), the State decides who receives your property. Tennessee’s intestacy statutes (Tenn. Code Ann. § 31-2-101 et seq.) determine how your assets are distributed.

For example:

• If you are married with children, your spouse does not automatically receive everything.
• If you are unmarried with children, your children inherit your estate.
• If you have no spouse or children, Tennessee law determines which relatives inherit.

The court will also appoint someone to administer your estate, and if you have minor children, a judge — not you — will decide who becomes their guardian.

Without proper planning, your family may face delays, court costs, and unnecessary stress during an already difficult time.

The Core Estate Planning Documents

A basic Tennessee estate plan often includes:

1. Last Will and Testament – A will allows you to decide who receives your property; name a guardian for minor children and choose an executor to handle your estate
2. Durable Power of Attorney – This document allows someone you trust to handle financial matters if you become incapacitated. Without it, your family may need to seek conservatorship through the court – a time-consuming and costly process.
3. Advance Directive for Health Care – Tennessee recognizes advance directives under Tenn. Code Ann. § 68-11-1801 et seq. This document allows you to: appoint a healthcare agent and express your wishes regarding life-sustaining treatment. Without this document, loved ones may struggle to make medical decisions on your behalf.
4. Trusts – For some families, properly structured trusts provide significant advantages. Depending on your goals, a trust may:
   • Avoid probate
   • Provide privacy
   • Manage assets for minor children
   • Offer asset management if incapacity occurs
   • Offer asset protection
   • Provide certain tax advantages

Understanding the Probate Process

Probate is the court-supervised legal process required to administer a deceased person’s estate when assets are held in their individual name without beneficiary designations. In Tennessee, probate generally involves:

• Filing a petition with the court
• Appointment of an executor or administrator
• Court oversight
• Inventory of assets
• Notice to heirs and beneficiaries
• Formal notice to creditors
• A statutory waiting period for creditor claims
• Payment of debts and expenses
• Final accounting and court approval before distributions

In addition, probate is a public process. Court filings — including the will, asset inventories, and accountings — generally become part of the public record.

Many individuals pursue estate planning for one primary reason: to simplify or avoid probate. Achieving that objective requires careful timing and experienced legal guidance to ensure your estate plan is properly structured with the appropriate tools to accomplish your goals.

Estate Planning Is Not Just About Death

A good estate plan also protects you during your lifetime. Incapacity planning through carefully drafted powers of attorney ensures that:

• Your bills are paid
• Your needs are provided, including the needs of your family
• Assets are protected
• Your medical wishes are honored
• Your family avoids court intervention

When Should You Start?

The short answer: now. Major life events such as marriage, divorce, the birth of a child, purchasing a home, or starting a business are all strong signals that it’s time to put a plan in place. But even without a major event, having a basic plan provides peace of mind.

Final Thoughts

Estate planning is one of the most practical and caring steps you can take for your family. It does not have to be complicated, and it does not have to be overwhelming. With thoughtful guidance and a clear plan, you can protect your loved ones and ensure your wishes are honored under Tennessee law.

If you have questions about creating or updating your estate plan, SCHEDULE A FREE CONSULTATION.

Ellen Hendrickson
Estate Planning and Probate Attorney
Hendrickson Law, PLLC
603 45th Ave N
Nashville, TN 37209
Tel. 615-891-5655
Fax. 615-8915656
Email: [email protected]

Serving clients through Tennessee