Providing for Minor Children in Your Will

Providing for Minor ChildrenAs parents you have probably created Wills that provide for the care of your minor children. Part of that provision should have been appointing a guardian who will provide a home for the child if both parents die while the child is still a minor (under age 18). Many people are unaware that a minor child cannot inherit financial assets outright. Any financial assets bequeathed directly to a minor child will be held by a court-appointed guardian of the child’s estate. [Read more…]

Estate Planning for Women

WEstate Planning for Womenhy is estate planning for women different than estate planning for men?  On average, women live about 6 years longer than men, a fact that has implications for their estate planning.

Women likely to entrust finances to spouse. Women who turn over financial matters to their husbands may assume that the husband will take care of any estate planning needed.  This is a dangerous assumption to make.  If your husband dies without a Will and you survive him, you may be unpleasantly surprised at how state law dictates the estate will be distributed. In Tennessee, if a person dies and is survived by a spouse and children, the spouse receives only one-third to one-half of the estate.    [Read more…]

Estate Planning for Those Under 35

If you are under 35, chances are you have given very little thought to your own estate planning.  Most people in the group known as “Millennials” are involved in work and volunteering.  They’ve not had to think about the need for a Will.  Sometimes it takes the unexpected death of a family member or friend to bring the reality of our mortality into sharp focus.  The arrival of a baby can awaken us to the need to plan for the care of this new life if the unthinkable happens.  [Read more…]