Now Is The Time For Estate Planning
August 16, 2022 at 09:32
Franklin, TN - No one is guaranteed tomorrow. If a parent has assets that they wish to pass along to friends and family after passing on, Franklin based estate planning attorney Trent Linville urges them to move forward with estate planning endeavors now. Failure to have a formal plan in place can put their assets in limbo.
Estate planning attorney Trent Linville is more than just a legal professional. He is a husband and father. His combination of experience in the legal field and as a family man has given him clarity as to how to handle his personal finances to best care for his wife and child were he to die unexpectedly. Today, Linville urges all parents and grandparents to take the time to do the same.
According to Linville, there are two common documents by which estates and assets convey upon someone's death. These are trusts and wills. The estate planning attorney explains that both documents are beneficial, but they do not work in the same way.
A will conveys assets to heirs upon death of the estate planner. A trust is an estate planning instrument that essentially owns bank accounts and other property (including real estate). With a trust, one has access to their money, and they appoint their preferred heir as the successor trustee. By utilizing a trust, one avoids the biggest flaw of a will: probate.
Trent Linville explains that probate is a long and often drawn out judicial process that confirms the validity of the will of the decedent, notifies creditors, pays debts, and then distributes assets to beneficiaries. It is also a public record.
While a will remains a valuable tool for parents and grandparents, Linville encourages the creation of a trust as well. The benefits of a trust are many, and they include skipping probate, having a clear secession, and being more affordable for heirs as they are not subjected to probate and probate cost.
A trust is also a private agreement, meaning that the estate planner's personal business isn't public information upon their death.
An estate planning attorney can handle wills and trusts, and the right attorney will ensure that all assets are inventoried, titled, and designated to specific parties at the time of creation. Trent Linville explains that an estate planning attorney should also be available to transfer and/or document new assets as they are acquired. Remember, if one purchases a home after the creation of the trust, this is not automatically included in the trust. It must be added intentionally.
Ultimately, Trent Linville says that the combination of a will and trust covers virtually all the bases for most individuals. The estate planning attorney says that no single estate planning process works for all families. He encourages his clients, as well as others, to sit down with their attorney, evaluate their goals, and learn more about their options. Only through education and research can families make more informed decisions regarding their estate planning needs.
Nashville, Franklin, Brentwood, Spring Hill, and Columbia families can trust estate planning attorney Trent Linville and The Law Office of Trent Linville, PLLC for all of their estate planning needs. For more information, book a free call online at LinvilleLegal.com.
The Law Office of Trent Linville, PLLC
725 Cool Springs Boulevard, Suite 600