A well-written will is a vital part of any estate planning strategy. A will is a legal document that explains how assets should be divided in the event of a party’s death. Some people think that wills are only for high-wealth individuals. This is not the case – wills are for anyone who has any assets they want to leave to specific heirs after they are deceased. If a person dies without a will, they are said to die intestate and their assets will be passed down based on the Tennessee laws of intestacy. This makes for an orderly distribution, but can lead to family squabbling or can lead to assets going to heirs that a person would rather exclude. By having a well-written will, a person can be sure their assets will be left to the heirs of their choosing.
Advanced directives are becoming increasingly important because people are living longer and families are facing difficult end of life decisions. Advanced directives can outline what measures, if any, should be taken to keep a person alive if they are incapacitated. These directives make it easier for a family to respect their loved one’s wishes instead of guessing about what they would have wanted. This can help ease the stress on family members during a very difficult, emotionally-charged time.
Some people choose to draft these documents on their own instead of using a Tennessee Wills & Directives Attorney. This is generally not a good idea. These documents need to be very clear because a person will be unable to clarify ambiguities that may exist in these documents when they are incapacitated or deceased. This can lead to will challenges, questions about advanced directives, or more. By working with an experienced lawyer, you can be sure that these issues are prevented and that your wishes will be honored when these documents are needed.
Attorney Ted “Tab” Burkhalter is also a Tennessee licensed CPA with an MBA in business management. Coupled with his real-world experience as CFO and controller of his own manufacturing and consulting businesses and other public and privately held Tennessee corporations, his background translates to insightful and sound advice on taxation, business and personal financial matters.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Mr. Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.